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IMF chief warns of 'significant economic risk' from Ukraine conflict

The United States and European powers later Thursday are expected to ratchet up economic sanctions against Russia, which economists warn also could bite the global economy as it reels from the impact of the Omicron variant of Covid-19.

February 24, 2022 / 10:31 PM IST
(Representative image/Source: Reuters)

(Representative image/Source: Reuters)

IMF Managing Director Kristalina Georgieva on Thursday warned the conflict in Ukraine will have repercussions for the global economic recovery.

Following Russia's invasion of its neighbor, Georgieva said she was "deeply concerned," and cautioned that the fighting "adds significant economic risk for the region & the world."

The International Monetary Fund continues to assess the economic impact, but will "stand ready to support our members as needed," she said on Twitter.

The Washington-based crisis lender is in the process of deploying $2.2 billion in assistance to Ukraine under a loan program set to end in June, but Georgieva has said the fund could provide additional aid if needed.