World Bank, IMF racing to get aid to Ukraine, warn of 'treacherous period'
“The heads of the International Monetary Fund and the World Bank on Tuesday said they were racing to provide billions of dollars of additional funding to Ukraine in the coming weeks and months, and warned that the war threatened to create ‘significant spillovers’ to other countries,” per Reuters.
IMF Chief Kristalina Georgieva and World Bank President David Malpass were on the wires during late Tuesday as they warned that commodity prices were rising, which risked further fueling inflation, and disruptions in financial markets would continue to worsen should the conflict persist.
Key quotes
IMF, World Bank leaders say IMF board could consider Ukraine's request for emergency financing as early as next week.
World Bank preparing $3 billion package of support for Ukraine in coming months.
World Bank package to include at least $350 mln to be submitted to board for approval this week.
World Bank says $200 mln in additional funds would follow for health and education - world bank, IMF statement.
World Bank, IMF say stand ready to provide enhanced support to neighboring countries affected by Ukraine war, refugees.
FX implications
The news adds to the latest risk-off mood and weighs on the Antipodeans of late. That said, the NZD/USD remains on the back foot around 0.6750, following a sluggish start to March.
Read: NZD/USD struggles around mid-0.6700s as Russia-Ukraine tussle escalates
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
