The heads of International Financial Institutions, on Saturday, said that the Russian invasion of Ukraine, which has led to killings of innocent civilians, destruction of civilian infrastructure, displacement of millions of people, with negative impacts on global economy, was horrifying, while declaring solidarity with Ukraine.
Their position was contained in a statement by Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD); Werner Hoyer, President of the European Investment Bank (EIB); Carlo Monticelli, Governor of the Council of Europe Development Bank (CEB); Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF); and David Malpass, President of the World Bank Group (WBG).
They said:”We, the heads of the EBRD, EIB, CEB, IMF, and WBG, met yesterday to discuss impacts on the global economy of the ongoing war in Ukraine and our respective and collective response to this crisis.
“We are horrified and deeply concerned about the Russian invasion of Ukraine and the ensuing crisis. The attacks on civilians and civilian infrastructure are causing tremendous suffering, creating massive population displacements, threatening international peace and security, and endangering basic social and economic needs for people around the world.
“In addition to the devastating human catastrophe unfolding in Ukraine, the war is disrupting livelihoods throughout the region and beyond. The impacts will be extensive—from reduced energy and food supplies, to increases in prices and poverty and a massive undertaking of Ukraine’s reconstruction, all of which will hamper the post-pandemic recovery around the world.
“The entire global economy will feel the effects of the crisis through slower growth, trade disruptions, and steeper inflation, harming especially the poorest and most vulnerable.
“Higher prices for commodities like food and energy will push inflation up further. Countries, particularly those neighbouring Ukraine will suffer disruptions in trade, supply chains, and remittances as well as surges in refugee flows. Reduced confidence and higher investor uncertainty will impact asset prices, tighten financial conditions, and could even generate capital outflows from emerging markets.
“Our institutions have responded with emergency support to Ukraine and its neighbours.
