Press Release No. 23/48

Statement by IMF Managing Director Kristalina Georgieva at the Conclusion of Her Visit to Ukraine

February 21, 2023

Warsaw, Poland: Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued the following statement today at the conclusion of her visit to Ukraine:

“I would like to pay tribute to the people of Ukraine for their strength of spirit and resilience in the face of a devastating war that has claimed far too many lives and has caused widespread destruction and immense suffering. I was heartbroken to see for myself the anguish of ordinary citizens and the toll that Russia’s invasion is taking on Ukraine. Yet, as I stood in front of destroyed buildings in Kyiv and Irpin yesterday, I was also able to experience first hand the resilience of the people of Ukraine. I was truly inspired by their determination to persevere under these extremely difficult conditions.

“During my visit, I had the honor to meet with President Volodymyr Zelenskyy, Prime Minister Denys Shmyhal, Finance Minister Sergii Marchenko, and Central Bank Governor Andriy Pyshnyy. I applauded President Zelenskyy and Prime Minister Shmyhal for their steadfast leadership and commended the Ukrainian authorities for their impressive economic management through exceptionally challenging circumstances, adapting their policies to navigate large and complex shocks. Their vision is to move from recovery to a transformational period of reconstruction and EU accession.

“I also met with women leaders from civil society, parliament, and the private sector, as well as representatives of the business community. They stressed their determination to work for Ukraine’s future.

“During my visit and discussions, I saw an economy that is functioning, despite the tremendous challenges. Shops are open, services are being delivered and people are going to work. This is remarkable testament to the spirit of the Ukrainian people. Government agencies and economic institutions are working remarkably well: they are collecting taxes and paying salaries and pensions. The banking system is fully operational. Notwithstanding the attacks on critical infrastructure, the economy is adjusting, and a gradual economic recovery is expected over the course of this year.

“In my meetings, I reiterated the IMF’s unwavering commitment to continue supporting Ukraine. In addition to last year’s emergency financing, the IMF has been intensively engaged with the Ukrainian authorities through our Program Monitoring with Board involvement (PMB), which provides a strong anchor for macroeconomic policies and helps further catalyze donor support. Performance under the PMB has been strong, paving the way for discussions on a full-fledged IMF financing program. (See Press Release 23/46).

“The international community will continue to have a vital role in supporting Ukraine, including to help address the large financing needs in 2023 and beyond. The war in Ukraine has had far-reaching consequences for the local, regional, and global economy. Only if we work together as a global community will we be able to build a better future.”