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An estimate by IMF tells, Ukraine needs $5 billion per month to keep its economy afloat

An estimate by IMF tells, Ukraine needs $5 billion per month to keep its economy afloat

International Monetary Fund Managing Director, Kristalina Georgieva said on Wednesday that Ukraine’s Ministry of Finance estimated that it will take $5 billion a month to keep the economy functioning.

She said, “We have been engaged very closely with the Ministry of Finance on the estimates they have provided or what would be necessary to retain the functioning of the economy over the next three months and they came up with the number of $5 billion a month.”

There was some “uncertainty” around this sum, according to Georgieva, but it was unlikely to be outside the country’s financial needs, and the IMF was working with its partners to mobilize “that type of support.”

They were already discussing the package, and high certainty would not prevent them from working on this one.

Georgieva and World Bank President, David Malpass, are expected to meet with the Ukrainian prime minister and finance minister.

When asked if the fund’s commitment of $5 billion per month was firm, she said they would discuss it with the partners, but that it was vital to look at covering the financial gap through grant financing.

When it comes to financial assistance, Georgieva didn’t consider it “smart” to introduce the new package “while the hostilities are still ongoing.”