The International Monetary Fund cautioned Saturday that Russia’s invasion of Ukraine and the international sanctions that have resulted will have a “serious impact” on the world economy, as the lender announced intentions to submit Ukraine’s previous request for $1.4 billion in financing to the board for approval as soon as next week.
According to the IMF, the crisis has pushed up already high energy and food prices, putting a strain on impoverished people throughout the world.
The IMF stated that the economic impact of Russia’s invasion on Ukraine is “already enormous,” citing the closure of major seaports and airports, as well as the destruction of infrastructure.
Although it is impossible to quantify Ukraine’s financial needs at this time, the IMF stated that the country will face “substantial” reconstruction expenditures as a result of Russia’s invasion.
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