The news of the International Monetary Fund and the World Bank agreeing to provide financial assistance to the tune of $19.5 billion to the conflict-ravaged Ukraine to mitigate the impending economic crisis is heartening. Ukraine and the IMF agreed on a package of $17.5 billion yesterday while the World Bank announced another $2 billion of financial assistance to Ukraine to enable the country to come out of the present economic impasse
Jim Yong Kim, the President of World Bank Group, hoped that with the signing of agreements at Minsk with World Bank and with IMF, Ukraine is all set for a sustainable economic growth for the benefit of people of this country. He added that with $2 billion financial assistance in addition to the IMF’s $17.5 billion, Ukraine is expected to meet the challenges arising out of the contemporary financial, economic, and geopolitical impasse. The statement from the World Bank came immediately after the announcement by Christine Lagarde, the IMF Managing Director, that IMF has reached an agreement with Ukraine on a bailout package of $17.5 billion. The four-year arrangement would support economic stabilization in Ukraine, and promote bold and positive policy reforms to achieve robust economic development. It will improve standards of living of the people of Ukraine.
It is definitely an ambitious target, and a tough programme fraught with risks. However, the steps and the programme are realistic and achievable with meticulous implementation of the related policies. With an efficient implementation mechanism coupled with right political intent can prove the present juncture an epoch making event which can bring prosperity, democracy, and a stronger future for the Ukrainians.