Zelenskyy declares energy emergency in cold snap

International Monetary Fund (IMF) Managing Director Kristalina Georgieva visited Kyiv on Thursday, holding talks with the head of the National Bank of Ukraine and visiting landmarks like the Wall of Remembrance of the Fallen photo memorial in the capital. 

Central bank chief Andriy Pyshnyy greeted Georgieva in front of St. Michael’s Golden-Domed Monastery in the city center, where burnt-out Russian tanks were ⁠displayed.

Georgieva said online that she had an “excellent discussion” with Pyshnyy “on the IMF’s support for Ukraine, and on how monetary policy is helping preserve macroeconomic stability during these challenging times.” 

IMF officials said that Georgieva would also meet with President Zelenskyy, Prime Minister Yulia Svyrydenko and other officials and business leaders during the one-day visit, her first since 2023. 

Georgieva, who has close family ties to Ukraine, said she was in the capital “to witness firsthand the resilience of a people who have endured four years of an unjust war,” adding that their “courage inspires the world.”

The war, soon to enter a fifth year, has hit the Ukrainian economy hard, further impacting a country that had already required multiple emergency loans from the IMF in the years prior to Russia’s full-scale invasion in 2022. The country is slated to spend the bulk of state revenues — 2.8 trillion hryvnias or around 27.2% of GDP — to fund defense efforts in 2026.

Ukraine and the IMF reached a preliminary agreement on an $8.2 ‍billion, four-year lending program in November, contingent on passage of a budget for 2026 and shoring up donor financing assurances, among other factors. ​It is expected to come up for consideration in the coming weeks, after Georgieva’s visit.