WASHINGTON – The IMF warned on Saturday that the already “serious” global economic impacts of the war in Ukraine would be “all the more devastating” should the conflict escalate.Even
A surge in energy and commodity prices, with a barrel of oil now close to $120, have piled on the inflationary hike that the world was already experiencing as economies recover from the Covid-19 pandemic.
“Price shocks will have an impact worldwide, especially on poor households for whom food and fuel are a higher proportion of expenses.” The IMF said emergency financial assistance requested by Ukraine, already reported on February 25, amounted to $1.4 billion, adding the request could be brought before the executive board as early as next week, according to the statement.
It noted “a sharp mark-down in asset prices as well as the ruble exchange rate” already, with the full scope of the “unprecedented” sanctions’ impact too early to call.
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