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Ukraine’s Marchenko to chair IMF, World Bank governing boards in 2023

file photo: u.s. treasury secretary yellen holds a bilateral meeting with ukraine's finance minister marchenko, in washington
Treasury Secretary Janet Yellen shakes hands with Ukraine's Finance Minister Serhiy Marchenko during a bilateral meeting at the U.S. Treasury Department in Washington, U.S. October 11, 2022. REUTERS/Jonathan Ernst/File Photo

The shareholders of the International Monetary Fund and World Bank on Friday selected Ukrainian Finance Minister Serhiy Marchenko as the next rotating chair of the boards of governors of both institutions in 2023.

The decision, which was announced during the annual meetings of the IMF and World Bank in Washington, means that Marchenko will also chair next year’s annual meeting of the institutions, which is scheduled to be held in Morocco.

Russia’s invasion of Ukraine and the war’s massive impact on the global economy have dominated this year’s meetings, with Ukrainian President Volodymyr Zelenskiy urging international donors to provide $55 billion in additional funding next year to keep his country’s economy running and fund some initial reconstruction.

World Bank President David Malpass told shareholders of both institutions on Friday that the World Bank Group had mobilized $13 billion in emergency funding for Ukraine since the war began, including grants, guarantees, and linked parallel financing from the United States, Britain, Europe and Japan.

“I remain horrified by Russia’s actions and call for Russian forces to leave Ukraine,” Malpass said in his most explicit remarks on the war to date.

Marchenko said his selection was unanimously approved by all governing member countries of the two global lenders, and marked the first time that Ukraine would lead the institutions since it joined 30 years ago.

The move was unanimously approved since there was no objection during the business portion of the plenary, a source close to the discussions said. Russia is a member of the institutions and could have objected, but did not.

“It is a great honor to represent Ukraine” in the international financial arena, Marchenko said in a statement released by his ministry, adding that Ukraine would be able to increase its cooperation with international financial organizations and the member countries of the World Bank and IMF.

World Bank and IMF members choose a new chair for the board of governors on a regional rotation basis. Egypt is in that role this year, but it will rotate in 2023 to Europe and Central Asia.

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