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• New money brings total UK funding for IMF鈥檚 trusts to $5.3 billion to help reduce poverty and boost energy security, plus $1 billion for Ukraine this year

• Funding confirmed as Chancellor reaffirms his plan to get the U.K. economy growing to global finance ministers meeting in Washington D.C. this week

Today, Jeremy Hunt, Chancellor of the Exchequer, has confirmed the UK stands ready to provide an additional $500m in UK guaranteed loans for Ukraine, taking this year鈥檚 total to $1 billion and the total amount pledged by the UK in support of Ukraine to 拢6.5 billion. This comes as he attends the International Monetary Fund鈥檚 Spring Meetings in Washington D.C., alongside fellow supporters of Ukraine, and today took part in a roundtable on support for the country.

This new money will help to meet Ukraine鈥檚 economic needs including covering the costs of vital government services, such as running hospitals and schools as well as supporting the most vulnerable Ukrainians.

The Chancellor has also committed a further $670 million to reduce poverty and drive growth, going above and beyond previous commitments to boost financial support for developing nations through the International Monetary Fund鈥檚 (IMF) Poverty Reduction and Growth Trust. With this pledge the UK has fulfilled the commitment made during its G7 Presidency to deliver multi-billion-dollar funding to fight poverty and boost growth.

This funding brings the total given by the UK to the Trust to $2 billion and comes alongside the UK鈥檚 delivery of a $3.3 billion pledge to the IMF鈥檚 Resilience and Sustainability Trust, which provides affordable long-term financing to low-income countries and vulnerable middle-income countries to address challenges such as climate change, energy security and pandemic preparedness.

Chancellor of the Exchequer Jeremy Hunt said:

The $1 billion of budget support we have committed to Ukraine this year will ensure that the country has the financing to keep the lights on, hospitals running and schools open. This, alongside UK military support, will help defeat Putin.

But our efforts for a fairer world don鈥檛 end there. We are also making good on our G7 Presidency commitments and delivering a multi-billion-pound package of support to reduce poverty and bolster energy security across developing countries.

The UK鈥檚 financial commitment to Ukraine has helped unlock the IMF鈥檚 provision of a $15.6 billion 4-year programme for the country.

In total, the UK has pledged 拢6.5 billion in support of Ukraine, including聽$1 billion in loans guaranteed by the UK to support Ukraine鈥檚 economy in 2023 鈥� meaning that it can continue to pay pensions and public sector pay 鈥� and 拢2.3 billion in military support for 2023.聽This June the UK will also host the Ukraine Recovery Conference, focussing on mobilising further private sector investment.

At the IMF Spring Meetings, the Chancellor will also highlight the impact of Russia鈥檚 illegal war in Ukraine on the global economy and push for action in addressing developing country needs on debt. The economic impacts from Putin鈥檚 illegal war in Ukraine are being felt across the globe, with developing nations particularly affected by increases in food prices. The latest $670 million commitment to the Poverty Reduction and Growth Trust adds to the UK鈥檚 previous agreement to the fund of $1.3 billion, with the total now standing at $2 billion.

The Chancellor signed this commitment on Wednesday alongside IMF Managing Director Kristalina Georgieva. In this meeting, he also finalised a $3.3 billion pledge on behalf of the UK to the聽IMF鈥檚 Resilience and Sustainability Trust. Funding for this Trust will play a vital role in providing financing to bolster energy and combat climate change, including for Ukraine and other countries worst affected by the war.

Foreign Secretary James Cleverly said:

Russia continues to bombard Ukraine鈥檚 people and destroy Ukrainian infrastructure. The UK is resolute in its commitment to support Ukraine until peace is agreed on Ukrainian terms.

This funding will boost Ukraine鈥檚 economic resilience and bolster its resistance against Russia. Working with the IMF and international partners, I am proud of the UK鈥檚 contribution to unlocking vital finance for Ukraine.

Ensuring Ukraine鈥檚 fiscal, humanitarian and recovery needs is a core part of our long-term commitment to Ukraine. That鈥檚 why the UK is proud to be co-hosting 鈥� jointly with Ukraine 鈥� the Ukraine Recovery Conference.

A challenging World Economic Outlook published by the IMF earlier this week predicted a 鈥榬ocky road鈥� for global economies, including the U.K., however Britain is still forecast to see faster growth than Germany, France and Italy in each of years from 2025 to 2028. The UK avoided recession in 2022 and is now expected to avoid recession this year. According to the independent Office for Budget Responsibility, the UK is on track to more than halve inflation this year and reduce debt by the end of the forecast period.

The Chancellor is currently attending his first IMF meeting in Washington D.C., discussing how his Autumn Statement and Spring Budget have set the UK on a stable path to growth. He will attend IMF Committee meetings, G7 and G20 finance minister meetings and a series of bilateral engagements.

Chancellor of the Exchequer Jeremy Hunt said:

Our support for other countries comes at a time when I am deeply focussed on getting the UK鈥檚 economy growing, and our plan for that is working as we鈥檙e on track to halve inflation this year.

A strong UK economy, creating jobs and raising living standards for all will benefit citizens at home as well as having knock on positive impact around the world.

Further information

• The Special Drawing Right (SDR) is an international reserve asset created by the IMF to supplement other reserve assets of member countries. The UK is a leading global advocate of SDR channelling, and has committed to an ambitious channelling envelope of 4 billion from the SDRs received through the 2021 General Allocation, which took place under the UK鈥檚 G7 Presidency. Within this SDR 4 billion, the government had already committed 3.5 billion SDRs to IMF lending instruments, namely the Poverty Reduction and Growth Trust and the Resilience and Sustainability Trust, and today鈥檚 announcements go further and mean the UK has fully delivered its SDR 4 billion commitment.

• The $1 billion is confirmation of the UK鈥檚 commitment to provide two previously pledged $500 million guarantees loans in support of Ukraine. These were previously聽trailed聽by the Foreign Secretary on 4th聽July 2022 (funding disbursed by the World Bank over the first quarter of 2023) and 14th聽March 2023 in the House of Commons (yet to be disbursed to Ukraine).