The full-scale russian invasion of Ukraine on 24 February 2022 has resulted in tremendous human losses and massive economic damage. Through its targeted destruction of public infrastructure and private property, russia has rattled the very foundation of Ukraine’s economy, which is still reeling from the COVID-19 pandemic. The ensuing internal displacement and migration have exacerbated the loss of productive capacity.
Swift action by key policy institutions and international donors has limited and partially reversed the adverse effects of the war. Much remains to be done to restore the long-term potential of the Ukrainian economy while rebuilding damaged cities and communities.
The Seventh Annual Research Conference of the central banks of Ukraine and Poland, conducted in Krakow on 22–23 June with IMF support, placed its focus on the development and pursuit of economic policy in wartime and during post-war reconstruction. The conference gathered more than 100 leading experts, central bankers, and representatives of think tanks and financial organizations from 60 countries. Barry Eichengreen, Professor of Economics and Political Science at the University of California, Berkeley, and Boris Vujčić, Governor of the Croatian National Bank, were the event’s keynote speakers.
During the two-day conference, experts discussed various issues that are important for both Ukraine and the rest of the world, as the consequences of the full-scale war unleashed by russia have been felt at the global level.
Top five takeaways from the conference:
This year, the National Bank of Ukraine has conducted the Annual Research Conference jointly with Narodowy Bank Polski, with the assistance of the International Monetary Fund.
The NBU is grateful to colleagues from NBP and the IMF for their support in making this important research event possible.
International Monetary Fund
Ukraine became a member of the International Monetary Fund (IMF) in 1992. The main areas of Ukraine’s and the NBU’s cooperation with the IMF are as follows: cooperation related to the programs that support the balance of payments (the stand-by arrangement and the extended fund facility), annual consultations under Article IV of the Articles of Agreement of the International Monetary Fund, technical assistance, and other activities envisaged by Ukraine’s membership of the IMF.
The IMF has been supporting Ukraine since the full-scale invasion broke out. In March 2022, Ukraine received USD 1.4 billion in aid within the Rapid Financing Instrument (RFI). In October, the IMF provided USD 1.3 billion in additional assistance under the RFI’s food shock window to help countries survive the food crisis triggered by russia’s full-scale war against Ukraine. In March 2023, the IMF approved a 48-month extended arrangement for Ukraine under the Extended Fund Facility (EFF) with an amount of SDR 11.6 billion (or about USD 15.6 billion).
Since 2016, the IMF has been supporting the Annual Research Conference jointly organized by the NBU and Narodowy Bank Polski. Christopher Erceg, Davide Furceri, Jesper Linde, Maurice Obstfeld, Jonathan Ostry, and Olga Stankova are among the IMF-affiliated speakers that joined the event in previous years.