Liam,

Thank you for your letter and for making the position of the Parliamentary Network so clear. Indeed, the International Monetary Fund has an important role to play. We are deeply shocked and saddened by the devastating human suffering caused by the war in Ukraine. The scenes of death and destruction are truly painful. We are working diligently to address the dramatic and fast‑growing humanitarian crisis. This includes the already more than 3 million refugees—mostly women, children, and elderly—fleeing the conflict to Ukraine’s neighboring countries.

In addition to the human toll, the conflict is resulting in dramatic and far‑reaching economic consequences, with spillovers to the region and the world. On March 9, 2022, the Fund’s Executive Board approved US$1.4 billion in emergency financing support to Ukraine under the Rapid Financing Instrument. The goal is to help meet urgent balance of payment needs arising from the impacts of the ongoing war and provide critical support in the short term while playing a catalytic role for financing from other partners. Additionally, the Ukrainian authorities have canceled the Stand-by Arrangement and the authorities have expressed their intent to work with the IMF to design an appropriate economic program aimed at rehabilitation and growth, when conditions permit. The authorities intend to remain in close consultation with IMF staff as they continue to design and implement effective crisis mitigation measures.

We extend our deep gratitude to the Parliamentary Network for raising awareness and calling international institutions to action. We look forward to our continued engagement.

Sincerely,

Kristalina