Barely a week has passed since Russia invaded Ukraine, but the economic, human and ecological costs to the country are already immense. This comes on top of the accumulated costs to Ukraine of over eight years of war, ongoing economic crises and the Covid-19 pandemic.
A day after the invasion began, Ukraine asked the International Monetary Fund (IMF) for emergency financing. That day, the World Bank also stated that it was preparing “immediate support” to Ukraine’s government. Prior to the beginning of the invasion, the European Commission had already pledged €1.2bn to the besieged nation.
Yet financing from the IMF, European Commission and World Bank could come with weighty strings attached, at a time when the country is engulfed in a violent, bloody war. For example, the European Commission’s support, announced on 21 February, stated that Ukraine would need to implement “policy measures” as part of the agreement.
