Ajay Banga, Kristalina Georgieva, Paolo Gentiloni and Janet Yellen, representing the World Bank, IMF, EU and US, joined Ukraine’s president Volodymyr Zelensky and prime minister Denys Shmyhal in a discussion in Marrakech.
The group reaffirmed their commitment to Ukraine but called on the private sector to increase its support.
Addressing the roundtable virtually, Zelensky encouraged countries to impose stronger sanctions on anyone who endangers life. He called for asset confiscation to help fund Ukraine’s defence, guarantees of financial support to defend life, and boosting export credit agency and project financing to ensure the implementation of investments and infrastructure projects.
He also stressed the need for transparency. “The resilience of defence is always based on the resilience of society,” he said. “The use of arms should be fully accountable, as it is with funds in the Ukraine.”
Shmyhal confirmed that fighting corruption would be a priority, and that international support, including significant support from the private sector, had helped the country stabilise its financial budget. But he added: “the aggressor must pay for the aggression”.
World Bank president Banga emphasised the need for private sector buy-in to Ukraine’s redevelopment, citing potential for green energy, among other infrastructure developments. IMF managing director Georgieva reaffirmed the Fund’s commitment to provide $115bn in support over the next four years.
She said GDP growth was likely to be around 3% and commended policies that had contained inflation to single digits.
“This is all very good, but it can only be sustained with our unwavering support… our investment in Ukraine is not charity,” she said. “No war can be allowed to crush a nation.”
Commissioner Gentiloni confirmed the EC would continue to support Ukraine for as long as it takes and said the $50bn it has pledged “will allow us to help considerably in financing Ukraine’s needs going forward…” But he added “we must align conditionality for support between donors and the international community”.
The US has so far been a strong supporter of Ukraine’s efforts to defend itself, both economically and militarily, and more resources are seen as crucial going forward.
In Marrakech yesterday morning, US treasury secretary Yellen said: “As we navigate risks to the global macroeconomy, we see Russia’s war against Ukraine as a major headwind and an affront to our values and to international law and the principle of territorial integrity. Funding for Ukraine, both military and economic support, direct budget support, along with resources for Israel, are the top priorities for the Biden administration.”
However, this is a divisive topic in the US, with many on both sides of the divide believing aid to Ukraine has been overblown. Yellen dismissed this.
“We believe there is substantial bipartisan support [in Congress],” she said. “We will leave it to members of Congress to figure out how we move forward on this once the speaker is in place.”