IMF says after COVID, war in Ukraine, world should prepare for the ‘unthinkable’

In the post-COVID-19 world, Kristalina Georgieva, Managing Director of the International Monetary Fund, says prepare to deal with shocks and “unthinkables” in light of the ongoing Russia-Ukraine war. I warned that the world needs to strengthen.

Georgieva is world government summit panel Hosted by CNBC’s Hadley Gamble in Dubai on Feb. 14, he also referenced the recent earthquakes in Turkey and Syria that have killed more than 36,000 people.

Asked how “challenging” this year will be, Georgieva said the global economy was still in a “very difficult situation, and although global economic growth is slowing in 2023, it could be a tipping point. It’s possible,” he said, pointing to falling inflation in some countries. .

“We are very concerned [about] An unexpected one, ”said Georgieva. “What COVID and the war have taught us is that we live in a world that is more susceptible to shocks. It is to think that there is not.

“We all need to be more agile and change our mindset to focus on building resilience at all levels so that we can better cope with shocks,” added Georgieva, noting that resistance is just a “fabric. The “strength” of each country and its society.

The IMF plays a ‘stabilizing role’ in Ukraine

Elsewhere on Tuesday, Georgieva said the IMF must Play a “stabilizing role” With the war in Ukraine, the country will need about $40 billion to $48 billion this year for the economy to function, he added.

According to Georgieva, who told the audience that her brother is married to a Ukrainian, the IMF has offered advice on how to work with Ukraine to run a “war economy” since the Russian aggression began last February. have provided.

She added that the IMF has lent $2.7 billion worth of its own money to Ukraine since the war began. This is in addition to aid from Western countries such as the United States.

In December 2022, the World Bank’s Vice President for Europe and Central Asia, Anna Bierde, told the Austrian newspaper Die Presse: €500 billion (about $533 billion) alone is needed to rebuild Ukraine’s damaged or destroyed infrastructure.

In September, the World Bank Joint evaluation Together with the Government of Ukraine and the European Commission, we estimate that the current reconstruction and rehabilitation costs of Ukraine are at $349 billion.

Georgieva commented that Ukrainian President Volodymyr Zelenskyy was meeting in Kiev with senior members of JPMorgan Chase to create a platform aimed at attracting private capital investment to help Ukraine rebuild and post-war economic growth. Served immediately after discussion.

NATO says Ukraine needs more ammunition

The Ukrainian government and banking giants have signed a memorandum of understanding (MOU) on this matter, under which JPMorgan will ask the Ukrainian government to develop and coordinate strategies for financial stabilization, refinancing and debt restructuring, Will advise on issues related to sovereign acquisitions. Above all, credit ratings, the digitization of the economy.

On February 13, NATO Secretary General Jens Stoltenberg urged more allies to attack Ukraine after he said Russian forces had already launched new offensives before a year into the conflict. called for more ammunition.

“We see no sign that Putin is preparing for peace. Mberg told reporters.

“This is a war of attrition and therefore also a battle of logistics. is needed,” he added.

In response to Stoltenberg’s comments, the Kremlin accused NATO of being a “hostile” organization to Russia and increasingly involved in the war in Ukraine.

“We are doing our best to make our involvement in the conflict around Ukraine as clear as possible,” Kremlin spokesman Dmitry Peskov told reporters.