PM of Ukraine Denys Shmyhal called on nations to donate 10% of IMF SDRs to help rebuild the country suffering from Russia’s war
Rebuilding Ukraine following Russia’s invasion will cost $600 billion, Ukrainian Prime Minister Denys Shmyhal said, calling on the IMF members to donate 10% of their reserve assets (special drawing rights, known as SDRs) received from the institution to support the effort.
According to him, the nation needs a recovery strategy similar to the Marshall Plan for Europe after World War II. “We will fight bravely and wisely to defend our nation and freedom of the European content,” Shmyhal said. “But to win the war, we need your support.”
World Bank President David Malpass stressed that “a priority should be to fill Ukraine’s current financing needs in a way that minimizes its future debt burden, so grant contributions will be very important.”
IMF chief Kristalina Georgieva urged an emphasis on grants and “highly concessional financing,” asking countries to work with the fund to provide Ukraine with $15 billion over the next three months to help with vital government services. Georgieva also signaled that more of the institution’s own lending would need to wait for when there is more stability.