IMF Says Ukraine's GDP May Reduce By A Third From Levels Before The War

People cross a destroyed bridge during evacuation from Irpin, city north of Kiev, March 6. Photo: AFP

Interfax Ukraine: Ukraine's GDP may reduce by third from pre-war - IMF head

The Ukrainian economy is suffering greatly from the war unleashed by Russia, the decline in its GDP could be a third of what it was before the war, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said in a Foreign Policy Live discussion on Tuesday.

The head of the IMF noted that the destruction of the Ukrainian economy breaks her heart and we will probably see a contraction that could be a third of what it was before the war.

She said that on Tuesday she spoke with a family of her relatives who remain in Kharkiv in a multi-storey building: their area was not bombed, but they hear bombs several times almost every day and suffered from a loss of water supply. Nevertheless, Georgieva said that the spirit of the Ukrainian people is incredible. There are very strong women in her family. And the message she has got from them is that they will win this war, she reported.

She recalled that the IMF immediately responded to Ukraine's request for $1.4 billion in emergency funding, which is necessary to keep the country functioning.

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WNU Editor: My gut tells me that the IMF's projections are too optimistic. The Ukraine economy has collapsed. The National Bank's central reserves are almost zero. The banking/financial system is only functioning because of IMF emergency funding. There is no money to buy fuel, weapons and ammunition, medicines. Everything is now dependent on foreign humanitarian aid to take care of the civilian population, and U.S./EU military aid and supplies to keep the Ukraine army functioning.

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