IMF, WB warn of global impacts from Ukraine war

IMF, WB warn of global impacts from Ukraine war

WASHINGTON: The leaders of the World Bank and IMF signaled Thursday they were ready to help Ukraine, while warning that Russia’s invasion will have repercussions for the global economic recovery. IMF Managing Director Kristalina Georgieva said she was “deeply concerned” about the fighting’s impact on the people of Ukraine, and cautioned in a tweet that the conflict “adds significant economic risk for the region & the world.” The International Monetary Fund continues to assess the economic impact, but will “stand ready to support our members as needed,” she said.

The Washington-based crisis lender is in the process of deploying $2.2 billion in assistance to Ukraine under a loan program set to end in June. Georgieva has said the fund could provide aid to other countries impacted by any spillover effects of the conflict, if needed. World Bank President David Malpass said in a statement the Washington-based development lender “is horrified by the shocking violence and loss of life,” and warned that “the devastating developments in Ukraine will have far-reaching economic and social impacts.”

“We stand ready to provide immediate support to Ukraine and are preparing options for such support, including fast-disbursing financing,” Malpass said, adding that the World Bank and IMF were