Ukrainian PM, FM to visit US next week

Kyiv: Ukrainian Prime Minister Denys Shmyhal and top finance officials will visit Washington next week for IMF and World Bank spring meetings, sources said Friday.

In addition to bilateral meetings, Shmyhal, Finance Minister Serhiy Marchenko, and Central Bank Governor Kyrylo Shevchenko are expected to attend a World Bank-hosted roundtable on Ukraine on Thursday.

Until Thursday, important Ukrainian authorities had not met in person with finance officials from advanced economies since Russia invaded Ukraine on Feb. 24.

The battle in Ukraine is set to dominate next week’s meetings of senior economic officials from World Bank and IMF member countries, as well as the G7 and G20.

Russian President Vladimir Putin ordered troops into Ukraine to demilitarise and “denazify” it.

Ukrainians and their Western friends argue those are false reasons for an unjustified war of aggression that has displaced a quarter of the 44 million people and killed thousands.

The IMF and World Bank have set up separate accounts to process and relay donations, and more pledges are anticipated to be disclosed next week.

It will allow officials to debate the war’s physical and economic devastation, as well as the continuous operation of Ukraine’s banking and financial industry.

“Without support now, there will be no reconstruction in the future,” one source added.

The World Bank declined to comment.

This Monday, World Organization President David Malpass said the bank was planning a $1.5 billion aid package for Ukraine.

The IMF’s executive board agreed last week a new account for bilateral and international donors to send funds to Ukraine.

Canada, a major backer of Ukraine, proposes disbursing up to $1 billion Canadian dollars through the IMF’s new account.

The account would allow donors to contribute grants and loans to help the Ukrainian government achieve its fiscal and balance-of-payments obligations while fighting Russia’s deadly invasion.

Marchenko stated last week that his government was seeking an additional 4 billion euros ($4.37 billion) in foreign financing to deal with a budget deficit.

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