REUTERS NEXT-Critical to 'front-load' aid to Ukraine as costs rise - IMF's Georgieva

IMF Managing Director Kristalina Georgieva told the Reuters NEXT conference she was confident international partners would continue to provide needed support for Ukraine. "Ukraine cannot go through this year without financial support," she said, lauding steps being taken by Ukraine to put in place clear mechanisms to track aid flows into the country and ensure accountability for the vast sums.

Damage from Russian attacks on Ukraine's infrastructure are increasing the amount of aid the country needs "front-loaded" ahead of the harsh winter months, the head of the International Monetary Fund said on Thursday. IMF Managing Director Kristalina Georgieva told the Reuters NEXT conference she was confident international partners would continue to provide needed support for Ukraine.

"Ukraine cannot go through this year without financial support," she said, lauding steps being taken by Ukraine to put in place clear mechanisms to track aid flows into the country and ensure accountability for the vast sums. She said the IMF had provided $2.7 billion in emergency financing to Ukraine and had just agreed a board monitoring program with Ukraine that would pave the way for a formal financing program.

"We at the IMF are working hard to be able to step up our own support for Ukraine," she said. "It is a devastating situation in terms of ... access to electricity, heating, water. Dark, cold, scary with bombardments going on." Russia's attacks on Ukraine's civilian infrastructure have increased the amount of aid needed, adding up to $1 billion a month to previous estimates of $3 billion to $4 billion, she said.

In mid-October, before Russia began bombing cities in western Ukraine and targeting electricity and water plants, the IMF and Ukrainian authorities had projected the needed international support at $3 billion to $4 billion a month. Georgieva said it was critical to support the Ukrainian government as it continued to manage the economy that was still operating despite the war, and to keep financial support flowing in a steady manner.

To view the Reuters NEXT conference live on Dec. 1, please click here.