Important Western creditors of Ukraine cleared obstacles to the planned International Monetary Fund (IMF) bailout program at a meeting today. The Group of Creditors of Ukraine (GCU) made further concessions to the state attacked by Russia, as announced in the evening. This gives Ukraine long-term predictability for financial aid.
Germany, France, the USA, Great Britain, Canada and Japan belong to the GCU. The creditor group pledged to extend the existing debt moratorium until 2027. This means that the interest and repayment burdens for Ukraine will be suspended for a longer period of time.
Zelenskyj also relies on the World Bank
Ukraine has been under attack for more than a year by Russia, which has occupied parts of the country. According to the latest estimates, the reconstruction will cost at least 411 billion dollars (377.79 billion euros).
The IMF and Ukraine had recently agreed on loan assistance with a volume of 15.6 billion dollars over a period of four years. So far, aid has been of a rather short-term nature and has always been negotiated bilaterally with the government in Kiev.
Ukrainian President Volodymyr Zelenskyy is counting on support from the World Bank to help rebuild his country. At a meeting with representatives of the World Bank, promising new programs were discussed, said Zelenskyj in his video message distributed every evening in Kiev. “Of course we have focused on reconstruction – and everything that needs to be done in the many Ukrainian towns and villages that have suffered from the occupier’s terrorist attacks,” he said.
