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IMF: Ukraine needs $42 billion in budget support for 2024

by Chris York April 18, 2024 9:44 PM 2 min read
Ukrainian President Volodymyr Zelensky greets International Monetary Fund (IMF) Managing Director Kristalina Georgieva at IMF Headquarters prior to a meeting in Washington, DC, on Dec. 11, 2023. (Photo by Roberto Schmidt/AFP via Getty Images)
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Ukraine will need at least $42 billion in international aid to support its budget this year, the International Monetary Fund (IMF) said on April 18.

Speaking in Washington, IMF Managing Director Kristalina Georgieva said she was "confident" this would be achieved but added that fully addressing the country’s economic problems would require ending Russia's full-scale invasion.

"A war above all is tragic, having men and women and children killed and wounded in a daily occurrence. So we need this war to end for their sake," she said.

Foreign aid is crucial for Ukraine as the economic pressure caused by the full-scale Russian invasion mounts. The besieged country received $42.5 billion in external financing last year, allowing it to function amid the ongoing war.

Georgieva said she was encouraged by the support shown during the spring meetings of the IMF and the World Bank in the U.S. capital.

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"I was very pleased to listen to statements yesterday at the roundtable on Ukraine that support for Ukraine remains steady, it is firm," she said.

In February, Ukrainian Finance Minister Serhii Marchenko put the total needed for 2024 at $36 billion.

A second tranche of EU macro-financial assistance totaling 1.5 billion euros ($1.6 billion) will be given to Ukraine next week, a European Commission official said on April 17.

The EU approved the four-year Ukraine Facility in February, allocating 33 billion euros ($35 billion) in loans and 17 billion euros ($18 billion) in grants.

The first tranche of 4.5 billion euros ($4.8 billion) was given to Ukraine on March 20.

IMF expects Ukrainian economy to grow by 3.2% in 2024, by 6.5% in 2025
The International Monetary Fund (IMF) predicts that Ukraine’s gross domestic product (GDP) will grow by 3.2% in 2024 and by up to 6.5% in 2025 even as the country continues to grapple with the full-scale invasion.

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