Ukraine's external financing needs will be around $3 billion a month through 2023 in a best-case scenario, but could rise as high as $5 billion if Russian bombing becomes "even more dramatic," IMF Managing Director Kristalina Georgieva said, Reuters reported. The International Monetary Fund is working with Ukrainian authorities to help define and implement the country's macroeconomic policies and what will be required to become a member of the European Union, as well as produce reliable financial projections, Georgieva told a conference in Berlin on Tuesday.

Ukraine's economy is expected to shrink by 30% this year, First Deputy Prime Minister Yulia Svyrydenko said on Monday, as Russia's invasion enters its ninth month, Reuters reported. Earlier this month, the economy ministry said the economy had shrunk by an estimated 30% in the first three quarters of this year compared to the same period in 2021. Svyrydenko also told a Ukraine-Germany business conference that inflation and unemployment were both seen at 30% this year. Read more.

The National Bank of Ukraine kept its key rate unchanged at 25% on Thursday, a level it said was forecast to be maintained until the second quarter of 2024 as it grapples with high inflation fuelled by Russia's invasion, Reuters reported. The central bank, led by new Governor Andriy Pyshnyi, said it expected a 32% GDP contraction in 2022, a slight improvement on its earlier forecast, and that the economy was "livening up" after falling sharply when the war began eight months ago.

The shareholders of the International Monetary Fund and World Bank on Friday selected Ukrainian Finance Minister Serhiy Marchenko as the next rotating chair of the boards of governors of both institutions in 2023, Reuters reported. The decision, which was announced during the annual meetings of the IMF and World Bank in Washington, means that Marchenko will also chair next year's annual meeting of the institutions, which is scheduled to be held in Morocco.

The head of the International Monetary Fund (IMF) said Ukraine needs between $3 billion and $4 billion a month in external aid to make sure its government doesn’t collapse as it fights an increasingly brutal war against Russia, The Hill reported. “Our preliminary estimate is that somewhere between three and four billion dollars are necessary on a monthly basis,” IMF Managing Director Kristalina Georgieva said at an annual meeting of the IMF and World Bank in Washington, D.C., on Wednesday.

Ukrainian Central Bank Governor Kyrylo Shevchenko abruptly submitted his resignation on Tuesday, citing health reasons in a Facebook post, Reuters reported. "Due to health-related issues that can no longer be ignored, I have made a difficult decision for myself. I am leaving the post of the head of Ukraine's National Bank," he said. Shevchenko, who assumed the post in July 2020 promising to maintain the bank's independence and cooperation with the International Monetary Fund, said he had submitted his letter of resignation to President Volodymyr Zelenskiy and asked him to accept it.

European Commission president Ursula von der Leyen proposed on Wednesday a new package of Russia sanctions, designed "to make the Kremlin pay" for escalating the conflict in Ukraine with what she called "sham" votes in occupied territory, Reuters reported. "We do not accept the sham referenda and any kind of annexation in Ukraine, and we are determined to make the Kremlin pay for this further escalation," she told reporters in Brussels.

Ukraine expects a budget deficit of $38 billion next year that will be covered mainly by financing from the IMF, the United States and the European Union, Interfax news agency quoted Prime Minister Denys Shmyhal as saying on Wednesday, Reuters reported. War bonds and taxes will also help to cover the deficit, he said, adding that he hoped a new funding programme with the International Monetary Fund would be agreed for next year. Shmyhal said he expected the United States to provide $18 billion and the EU and IMF to contribute $12 billion each towards helping to cover the deficit.

Ukraine’s top Cabinet official panned slow progress from the International Monetary Fund in moving ahead with a new assistance package for the war-torn nation, Bloomberg News reported. Prime Minister Denys Shmyhal gave credit to the IMF for its abundant past support of Ukraine, including in 2014-2015 after Russia annexed the Crimean peninsula and fomented military conflict in the country’s east.

Ukraine's President Volodymyr Zelenskiy yesterday thanked the European Union for confirming 5 billion euros ($4.97 billion) in macro-financial aid but said the country needed a "full-fledged" program of financing from the International Monetary Fund, Reuters reported. Zelenskiy made the comments in a Twitter post following a conversation with German Chancellor Olaf Scholz, who he said discussed plans to further strengthen Ukraine's defence capabilities. It was not immediately clear what Zelenskiy meant by a "full-fledged" program.