Ukraine's prime minister and finance officials will visit Washington next week
April 16, 2022, 9:12 am

Ukraine's prime minister and finance officials will visit Washington next week

Ukraine Prime Minister Denys Shmyhal (File photo: Reuters)

The Global News reported, citing Reuters, sources said on Friday (Apr 15) that Ukrainian Prime Minister Denys Shmyhal and top Ukrainian finance officials will visit Washington next week during the spring meetings of the International Monetary Fund and World Bank.

The sources sai that Shmyhal, Finance Minister Serhiy Marchenko and central bank governor Kyrylo Shevchenko are slated to meet bilaterally with finance officials from the Group of Seven countries and others, and take part in a roundtable on Ukraine to be hosted by the World Bank on Thursday.

Thursday’s event will be the first chance for key Ukrainian officials to meet in person with a host of financial officials from advanced economies since Russia‘s invasion of Ukraine on Feb. 24.

Spillovers from Russia’s war in Ukraine are expected to dominate next week’s meetings of senior economic officials from World Bank and IMF member countries, as well as the G7 and G20, with the IMF poised to downgrade its forecast for global growth as a result of the war.

Russians dropped bombs on 9-storey buildings in Borodianka and those people who were in the basements were buried alive (File photo: Euromaidan Press via Hromadske)

Russian President Vladimir Putin sent his troops into Ukraine on what he calls a “special military operation” to demilitarize and “denazify” Ukraine.

Kyiv and its Western allies say those are bogus justifications for an unprovoked war of aggression that has driven a quarter of Ukraine’s 44 million people from their homes and led to the deaths of thousands.

Russia says it will increase the scale of missile strikes on Kiev targets

Thursday’s meeting will be more of a roundtable than a donors conference, although both the IMF and World Bank have set up separate accounts to be able to process and relay donations, and additional pledges are expected to be announced next week.

It will give officials a chance to discuss the physical devastation and economic consequences of the war, as well as the continued functioning of Ukraine’s banking and financial sector.

One of the sources said: “Without support now, there will be no reconstruction in the future."

The World Bank had no immediate comment on the event.

Britain calls Putin's invasion of Ukraine a major ‘strategic error’

World Bank President David Malpass told an event in Warsaw this week that the bank was preparing a $1.5 billion support package for Ukraine.

The IMF’s executive board last week approved creation of a new account giving bilateral donors and international groups a secure way to send financial resources to Ukraine.

Canada, one of Ukraine’s main supporters, has proposed disbursing up to $1 billion Canadian dollars through the new account, which will be administered by the IMF.

Russian authorities arrest journalist in the region of Khakassia for reports on Ukraine

The account will allow donors to provide grants and loans to help the Ukrainian government meet its balance of payments and budgetary needs and help stabilize its economy as it continues to defend against Russia’s deadly invasion.

Marchenko last week said his government was seeking about 4 billion euros ($4.37 billion) in foreign financing in addition to the about 3 billion euros it has already received to deal with a budget shortfall.

Source: globalnews

Three Chinese astronauts return to Earth, ending the country’s longest space mission to date Short film 'Ashes' by Tunisian director Mehdy Ajroudi: The meaning of forgiveness

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced its sponsorship of the “Innovation and Sustainable Technology Solutions Competition (GU - IST Solutions), hosted by Gulf University at its main campus.
This strategic sponsorship reflects BENEFIT’s active role in advancing technological innovation and fostering sustainable solutions to future challenges. It also seeks to empower Bahraini youth by enhancing their skills, capabilities, and competitiveness in innovation and solution development—contributing meaningfully to the broader goals of sustainable development across all sectors.
As part of BENEFIT’s active involvement in the competition, the company has announced that Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication, will serve on the competition’s supervisory committee. Her upcoming participation reflects BENEFIT’s forward-looking commitment to championing academic and professional excellence.
Commenting on the occasion, Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication at BENEFIT, said, “We are privileged to support this pioneering initiative, which aligns seamlessly with BENEFIT’s enduring commitment to fostering innovation and nurturing the potential of Bahrain’s youth. Our participation is rooted in a deep sense of social responsibility and a firm belief in the pivotal role of innovation in shaping a sustainable future. Through such platforms, we seek to empower the next generation with the knowledge, skills, and foresight required to develop impactful solutions that address future challenges, in line with the United Nations Sustainable Development Goals 2030.”
Dr. Aseel Al Ayash Dean of the College of Engineering in Gulf University commented, “We extend our sincere gratitude to BENEFIT for their generous sponsorship and support of the Innovation and Sustainable Technology Solutions Competition. This contribution plays an instrumental role in helping us achieve the strategic goals of this initiative, namely, cultivating a culture of innovation and sustainability, encouraging efforts that address the imperatives of sustainable development, and enhancing the practical and professional capabilities of our students and participants.”
The event will bring together a diverse spectrum of participants, including secondary school students, university undergraduates, engineers, industry professionals, entrepreneurs, academic researchers, and subject matter experts representing a wide range of disciplines.
The competition seeks to inspire participants to develop and present innovative, sustainable technologies aimed at addressing pressing environmental, social, and economic challenges. It encourages the formulation of business models that integrate advanced technological solutions with core principles of sustainability. Moreover, it serves as a platform for emerging leaders, entrepreneurs, and innovators to contribute to the advancement of the Sustainable Development Goals, promote the ethos of responsible technology, and demonstrate its transformative potential across various sectors.
Attendees will have the opportunity to view a series of project presentations submitted by participants, covering diverse areas such as eco-friendly product design, smart and sustainable innovations, renewable energy technologies, water conservation and management, waste minimisation and recycling, green architectural solutions, and sustainable transportation systems. Outstanding projects will be formally recognised and awarded at the conclusion of the event.