Zelensky, IMF chief discuss post-war plans to rebuild Ukraine

Ukrainian President Volodymyr Zelensky spoke with International Monetary Fund (IMF) managing director Kristalina Georgieva on Sunday to discuss post-war plans to rebuild Ukraine and maintain financial stability.

The meeting comes as Ukraine says it is running a multi-billion monthly deficit, with the World Bank predicting its economy will shrink by almost half amid Russia’s ongoing invasion.

“Discussed with IMF Managing Director @KGeorgieva the issue of ensuring Ukraine’s financial stability & preparations for post-war reconstruction,” Zelensky wrote in a tweet on Sunday.

“We have clear plans for now, as well as a vision of prospects. I’m sure cooperation between the IMF & (Ukraine) will continue to be fruitful.”

In a response, Georgieva thanked Zelensky for the call, noting that “continued economic support” from Ukraine’s allies will be key to reconstruction efforts. 

“Thank you @ZelenskyyUA for the very good call today. Continued economic support by Ukraine’s partners is essential to lay the foundations for rebuilding a modern competitive #Ukraine,” Georgieva said in a tweet. 

The World Bank released a report last week that Ukraine’s gross domestic product (GDP) is expected to drop by 45.1 percent this year due to the war, which has now been raging for more than 50 days.

The group said the conflict has cut off Ukraine’s trade and transportation networks, halting 90 percent of its crucial grain trade and half of its overall exports.

During an appearance on ABC’s “This Week,” Ukrainian Prime Minister Denys Shmyhal told moderator George Stephanopoulos that his country is running a $5 billion monthly deficit and is in urgent need of more financial assistance. 

“We need more money for executing our humanitarian and social obligations,” he said. “Now only half of our economy is working. So we ask for financial support.”