IMF chief Kristalina Georgieva said Ukraine will need $5 billion monthly over the next three months to close all holes created by the impact of the Russian invasion on the country's finances.. She also added that the fund will discuss Ukrainian financial needs with Ukraine's partner governments..

The Financial Times writes about this, adding that Georgieva proposed to allocate the financial assistance needed by Kiev in the form of grants as part of the coordinated efforts of the IMF member countries..

“Most of the economy is not functioning. It is better to fill the financial gap due to grant funding, so we believe,” explained Georgieva.

World Bank President David Malpass said his organization is working on a $170 billion support package for developing countries. This money will be allocated for the next 15 months.. The package should help curb the economic impact of the war, as well as the coronavirus and climate change pandemics..

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“War is stressing poor people around the world, increasing debt burdens in many countries and creating a food insecurity crisis due to shortages of food, fuel and mineral fertilizers.. This crisis will last for many months and possibly until next year,” Malpass said..

The publication reminds that last week the Minister of Finance of Ukraine Serhiy Marchenko called for immediate financial support for tens of billions of dollars to close the country's fiscal deficit.. Ukraine's government spending exceeded receipts by $2.7 billion in March. Kyiv predicts that this gap will widen to 5-7 billion per month in April and May. Spring Leadership Meetings Reveal Difficulties in Coordinating Global Economic Policy in Times of High Geopolitical Tensions. At a meeting of representatives of financial institutions of the G20 countries, the British, American and Canadian delegations came out to protest against Russia's participation.

“Together with our allies from the US and Canada, the UK representatives left the G20 meeting when the Russian delegates were speaking,” said a spokesman for the British delegation..

The head of the Bank of England, Andrew Bailey, was among those who left the hall.. The IMF predicts that Ukraine's economy will shrink by 35% this year due to a war that suppresses production. Marchenko admitted in an interview with the Financial Times that the government is " 'Cause tax revenues crashed. Georgieva said the IMF's 'highest priority' is to make sure the assistance needed for the next three months is secured.. She proposed raising the necessary funds through a new account created this month by the fund's management board, which is designed to receive grants and loans "

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Canada has already confirmed that it will deposit $795 million into this account.. Marchenko also urged rich countries to put into the new account the funds they received from the IMF in August as part of the distribution of $650 billion from the fund's reserve assets or special drawing rights.. Developed economies received about 290 billion as part of this distribution. Marchenko offers them to donate 5-10% of this amount to Ukraine.

On Wednesday, Malpass said the bank was preparing a $1.5 billion payment to help cover public sector payrolls and other budgetary needs.. This amount will be added to another one billion in emergency financial support transferred to Ukraine immediately after the start of the invasion.. He also said that the World Bank will hold meetings on Thursday "

Georgieva also added on Wednesday that the IMF is starting to formulate a new program for Ukraine, which, however, will not be implemented "

“It would be unfair to expect the Ukrainian authorities to develop and implement a deep package of reforms at this time,” she explained..

Despite the sanctions, every day of the war costs much more for Ukraine than for Russia, so the government’s key task now is to create an effective function for redistributing central budget funds to the economy. Why is it necessary to move from the philosophy of "

To understand what is happening with the securities market in Russia and what will happen to the country further in the article by Alexander Koshevoy “The economy of the Russian Federation turned out to be a soap bubble that is bursting before our eyes”.