Ukraine Seeking Tens of Billions in Financial Aid as War Costs Mount

by | Apr 11, 2022

Ukraine Seeking Tens of Billions in Financial Aid as War Costs Mount

by | Apr 11, 2022

zelenskypapers

Ukraine is seeking tens of billions of dollars in financial aid from the International Monetary Fund’s Covid relief program. Kiev says it is in dire economic straits due to the Russian invasion, while the World Bank estimates the country’s GDP will drop by a staggering 45% in 2022. 

Ukraine’s Finance Minister Sergii Marchenko outlined his country’s economic struggles in an interview with the Financial Times on Monday, saying the crisis had become existential.

“We are under great stress, in the very worst condition. Now it is a question of the survival of our country. If you want us to continue fighting this war, to win this war . . . then help us,” he said.

Marchenko went on to propose that Ukraine be given access to billions in IMF funds allocated for international Covid relief but never used, also calling on rich nations to step up their contributions. The IMF opened a separate account last week for the express purpose of funneling money to Kiev, following a $1.4 billion loan approved in March under the fund’s Rapid Financing Instrument. 

The United States and a number of European allies have also pledged billions in economic support, including a €1.2 billion ($1.3 billion) loan from the EU last week, a $3 billion support package from the World Bank and another $575 million from World Bank member states.

Ukraine estimates $270 billion in damage inflicted since Russian President Vladimir Putin announced a “special military operation” on February 24. The World Bank says the war will lead to a 45% contraction of Ukrainian economic output this year alone, while the country’s Finance Ministry reports that about 30% of businesses have ceased activities altogether and 45% are working at reduced capacity. 

The World Bank believes the wider region will also take an economic hit from the war and sanctions, with Russia estimated to see an 11% GDP reduction and Belarus and Moldova slated to fare even worse. All of central Europe, moreover, will be impacted with about 4% contractions in GDP.

About Kyle Anzalone and Will Porter

Kyle Anzalone is the opinion editor of Antiwar.com and news editor of the Libertarian Institute. Will Porter is the assistant news editor of the Libertarian Institute and a staff writer and editor at RT. Kyle Anzalone and Will Porter host Conflicts of Interest along with Connor Freeman.

Our Books

latest book lineup.

Related Articles

Related

News Roundup 5/17/2024

News Roundup 5/17/2024

Australia  Military Whistleblower McBride Sentenced to Nearly Six Years in Prison The Institute  Russia Xi Agrees To Deepen China-Russia Military Ties, Brushing Off US Warnings AWC Ukrainian Officials Ask NATO To Send Troops for Training Inside Ukraine AWC Zelensky...

read more
News Roundup 5/17/2024

News Roundup 5/16/2024

Ukraine Blinken Justifies Zelensky’s Decision To Cancel Ukrainian Elections AWC Blinken Announces $2 Billion in Military Aid for Ukraine as Russian Forces Advance AWC Estonia ‘Seriously’ Discussing Sending Troops to Ukraine AWC Europe Biden Signs Bill Banning Russian...

read more
News Roundup 5/17/2024

News Roundup 5/14/2024

Ukraine Sweden Is Open to Hosting NATO Nuclear Weapons The Institute  Ukraine Says EU Plan To Provide Over $3 Billion Per Year Is ‘Almost Nothing’ AWC Ukraine’s Kharkiv Commander Gets Replaced as Russian Forces Advance AWC Israel CNN Speaks With Israel Whistleblowers...

read more
News Roundup 5/17/2024

News Roundup 5/13/2024

Ukraine Ukraine’s Parliament Passes Bill To Crack Down on Draft Evaders AWC White House Announces New $400 Million Arms Transfer to Ukraine X Russian Forces Make Significant Gains in Northeastern Ukraine AWC Ukrainian Shelling Kills 11 Civilians in Russia’s Belgorod...

read more
News Roundup 5/17/2024

News Roundup 5/9/2024

US News Democrats Protect Speaker Johnson From Greene’s Effort To Oust Him AWC Russia Russia Pummels Ukrainian Energy Infrastructure as Kiev Seeks More Air Defenses The Institute  Belarus Tests Readiness of Nuclear Forces After Russia Announced Drills AWC Ukraine’s...

read more
News Roundup 5/17/2024

News Roundup 5/7/2024

Ukraine Russia To Hold Nuclear Weapons Drills in Response to Latest Western Provocations AWC Ukraine Seeks Reaper Drones to Aid Deep Strikes on Russian Forces The Institute  Moscow Warns It Will Strike UK Military Targets If British Weapons Are Used in Attacks on...

read more