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  • IER calls on G20 leaders to provide immediate financial assistance to Ukraine

    21.04.2022

    The Institute for Economic Research and Policy Consulting with Center for Economic Strategy, Dixi Group and the Institute for Analytics and Advocacy, initiated a letter to the G20 calling for immediate and long-term financial assistance to Ukraine to support the economy during the war and post-war reconstruction.

    We would really encourage you to consider the support to Ukraine, which would allow Ukraine to manage its debt sustainability now and after the war, and return to growth as fast as possible:
    • Grants rather than loans, not to push Ukraine into a debt trap.
    • If loans, then with very concessional terms: long maturities (above 20 years) with low yields and a grace period of at least 10 years. 
    The IMF has created a Multi-Donor Administered Account for Ukraine, which would receive contributions from donors in either reserve currencies or SDRs. Taking into account the substantial SDRs allocation made by the IMF in 2021, we respectfully call upon States, especially high-income countries (HICs) to donate (the really preferable option) or lend (on very concessional terms) a share of G20 unused SDRs to Ukraine.Additionally, we would greatly appreciate it G20 countries would advocate the financial support for Ukraine among their private sector and citizenry. In particular, everyone can help Ukraine to win the war and to recover afterward in several possible ways. 
     
    One of the possibilities is to invest money into domestic government bonds issued during Wartime by the Ministry of Finance of Ukraine each Tuesday during auctions (with yields of 10-11% p.a). Another possibility is to make direct donations and encourage others to do so. Some of the 
    links we provide below, even though there are more charities and initiatives, citizens, businesses, and foreign investors can donate in addition to sovereign governments. 
     
    Help Army: 

    Help medics:

    • Medical fund Hospitallers – the fund provides first aid, home medical care, and evacuation of wounded Ukrainian soldiers from the hottest parts of the front.
    • Sister of Mercy – this charitable organization provides medical assistance for wounded Ukrainian soldiers and buys necessities for those in the front line.
    Humanitarian aid:

    In light of the above, the undersigned reiterate that Ukraine’s economic resilience would be strengthened if it timely receives all possible financial assistance provided predominantly in the form of grants and donations. 

    For these reasons, Ukrainian and global civil society calls on G20 countries to pledge immediate and longer-term financial support to assist Ukraine in its immediate needs and economic post-war recovery.
     

     
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