Zelenskyy calls for more co-ordinated funding in IMF meeting

Ukrainian President's address comes days after Russian strikes hit several cities across Ukraine

Ukrainian President Volodymyr Zelenskyy, with Prime Minister Denys Shmyhal and Chairman of Parliament Ruslan Stefanchuk, holds an application for accelerated accession to Nato. Ukrainian Presidential Press Office / AP
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Ukrainian President Volodymyr Zelenskyy on Wednesday outlined to members of the International Monetary Fund and World Bank his country’s dire need for financial support.

Mr Zelenskyy, who addressed the annual meeting by video, called on the international community to establish a co-ordinated and aligned front to help meet his country's needs.

“It would be good to create a permanent working group that would provide financial support for Ukraine and work promptly at different levels at the level of international donors and specific countries that take part in assistance,” he said.

Ukraine’s economy has been badly hurt by the Russian invasion, causing a “one-third economic reduction" and a need for $38 billion to meet its budget deficit for 2023, Mr Zelenskyy said.

The besieged country has relied heavily on the international community for financial assistance to provide basic services to its people and pay government salaries.

“We need credit limits to purchase gas and coal for the future heating season," Mr Zelenskyy said.

He gave a list of needs, which includes funds for workers' salaries and to provide basic services, and money set aside to repair the country’s destroyed infrastructure.

“Terror has to lose, Ukraine has to win
Volodymyr Zelenskyy

The war in Ukraine is entering a dangerous and rapidly escalating phase.

On Monday, Russian strikes killed at least 11 people in cities across Ukraine and caused power cuts in several locations.

Russian President Vladimir Putin said the strikes were in retaliation for a weekend attack on the Kerch Bridge that connects Russia to Crimea.

An explosion on the bridge badly damaged a section of the key transit route, affecting road and rail traffic.

Mr Zelenskyy told those in attendance at the IMF discussion that his countrymen's hopes rested on the fund's support.

“At this time when the terrorist state is trying to intimidate us even more, we have to respond to the Russian terror with a stronger and more meaningful collaboration," he said.

“Terror has to lose, Ukraine has to win. That's absolutely real with your support.”

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Updated: October 12, 2022, 7:59 PM