Commodity prices driven higher say IMF-World Bank
(Posted on 06/03/22)
International Monetary Fund (IMF) Managing Director Kristalina Georgieva and World Bank Group President David Malpass have issued the following statement on the war in Ukraine.
“We are deeply shocked and saddened by the devastating human and economic toll brought by the war in Ukraine. People are being killed, injured, and forced to flee, and massive damage is caused to the country’s physical infrastructure. We stand with the Ukrainian people through these horrifying developments. The war is also creating significant spillovers to other countries. Commodity prices are being driven higher and risk further fuelling inflation, which hits the poor the hardest. Disruptions in financial markets will continue to worsen should the conflict persist. The sanctions announced over the last few days will also have a significant economic impact. We are assessing the situation and discussing appropriate policy responses with our international partners.
“Our institutions are working together to support Ukraine on the financing and policy fronts and are urgently increasing that support. We have been in daily contact with the authorities on crisis measures. At the IMF, we are responding to Ukraine’s request for emergency financing through the Rapid Financing Instrument, which our Board could consider as early as next week. In addition, we continue to work on Ukraine’s Stand-By Arrangement program, under which an additional $2.2 billion is available between now and the end of June. At the World Bank Group, we are preparing a $3 billion package of support in the coming months, starting with a fast-disbursing budget support operation for at least $350 million that will be submitted to the Board for approval this week, followed by $200 million in fast-disbursing support for health and education. This package will include the mobilization of financing from several development partners, and we welcome the already-announced support from many bilateral partners.
“The World Bank and the IMF are also working together to assess the economic and financial impact of the conflict and refugees on other countries in the region and the world. We stand ready to provide enhanced policy, technical, and financial support to neighboring countries as needed. Coordinated international action will be crucial to mitigate risks and navigate the treacherous period ahead. This crisis affects the lives and livelihoods of people around the world, and we offer them our full support.”
Latest News
NGFA comments on US East and Gulf Coast port labour deal
(Posted on 10/01/25)The International Longshoremen’s Association and the United States Maritime Alliance, Ltd. have... Read more
Vitol completes acquisition of Noble Resources
(Posted on 07/01/25)Further to the announcement of 2nd August 2024, Vitol B.V. has now completed the acquisition of... Read more
Rio Tinto progresses development of Quebec gallium extraction process
(Posted on 17/12/24)As part of a research and development programme, Rio Tinto is assessing the potential for extracting... Read more
Trafigura publishes 2024 Annual Results
(Posted on 17/12/24)Trafigura Group Pte Ltd, a market leader in the global commodities industry, has released results for... Read more
Anglo American completes Serpentina premium iron ore transaction
(Posted on 11/12/24)Anglo American plc has announced the completion of the transaction to combine the Serra da Serpentina... Read more
BHP Group Investor Relations Officer appointed
(Posted on 11/12/24)BHP has appointed Mark Bendall as Group Investor Relations Officer, effective 1 April 2025.Mr Bendall... Read more
Fertilizers Europe welcomes EU Members requests for tariffs on Russian fertilizers
(Posted on 04/12/24)Fertilizers Europe, the voice of the European fertilizer industry, has welcomed and fully supports the... Read more
The Cultured Hub opens its state-of-the-art biotech facility in Switzerland
(Posted on 04/12/24)The Cultured Hub officially opens its doors today, marking a milestone for the global cellular agriculture... Read more
New partnership agreement to study low carbon aluminium project in Finland
(Posted on 04/12/24)Rio Tinto has entered into a partnership agreement with the Swedish investment company Vargas, Mitsubishi... Read more
Italian steel handling specialist Transped boosts efficiency
(Posted on 29/11/24)Transped S.p.A. has ordered a Konecranes Gottwald Generation 6 mobile harbour crane to expand its handling... Read more
