The head of the Navy discussed with Zelensky the increase in financial support for Ukraine

The head of the Navy discussed with Zelensky the increase in financial support for Ukraine

Chapter The Navy discussed with Zelensky the increase in financial support to Ukraine

President of Ukraine Volodymyr Zelensky communicates via video link with the Managing Director of the International Monetary Fund Kristalina Georgieva. Kyiv, May 20, 2022.   The head of the Navy discussed with Zelensky the increase in financial support for UkraineThe head of the International Monetary Fund, Kristalina Georgieva, said she agreed on Tuesday with Ukrainian President Volodymyr Zelensky to explore ways to increase IMF support for the warring country and transition to a full-fledged funding program.

Speaking at an event hosted by the Center for Global Development, Georgieva spoke of her agreement with Zelensky to have the IMF mission meet with the Ukrainian authorities in the coming weeks to work out “ways to interact more deeply.”

The head of the fund said that the IMF is also working to secure board approval for a proposal to expand emergency aid tranches to Ukraine and other countries facing balance of payments problems due to Russia's war against Ukraine.

According to Georgieva, thanks to the use of the Rapid Financing Instrument, the IMF will issue a tranche of $1.4 billion to Kyiv. About the same amount Ukraine received from the fund in March shortly after the Russian invasion, Georgieva said.

“We first discussed how we could help Ukraine immediately,” she said, adding that Ukraine’s needs had grown since the first emergency funding. – Secondly, we discussed longer-term cooperation with Ukraine and how we can move towards a program that can bring more benefits to Ukraine. This is preparation for a full funding program.”

Georgieva said Zelensky has also expressed interest in the fund's work with other institutions to provide political support and transition to the country's sustainable development in the future.

Alfred Kammer, Director of the IMF's European Department, and his deputy Julie Kozak will meet with Ukrainian officials in the Bosnian capital of Sarajevo this week, an IMF spokesperson said.

In a tweet, Georgieva called her conversation with Volodymyr Zelensky “great conversation,” adding that during the conversation, they discussed how the fund could “ continue to support Ukraine,” and talked about “ways to increase our financial and political cooperation using all the tools available to us.”

Vladimir Zelensky also spoke on his Twitter about the conversation with the head of the IMF, thanking Georgieva for allocating an additional tranche aid in the amount of $1.4 billion. The President added that the interlocutors discussed “future cooperation to improve the financial stability of Ukraine.”