The board of directors of the International Monetary Fund (IMF) has approved a multi-billion dollar emergency loan for Ukraine. The board of directors has approved Ukraine’s request for an additional $1.3 billion, the fund said. This is, among other things, intended to keep the economy of the country up to par. Ukraine has already received 1.4 billion dollars after the Russian invasion.
The new package aims to “help Ukraine meet its urgent balance of payments needs” and “act as a catalyst for future donor and creditor financial support to Ukraine,” the IMF said. The new IMF support program related to the food crisis was launched only a few days ago.
“The scale and intensity of the war that Russia launched against Ukraine more than seven months ago has caused great human suffering and has had a severe impact on the Ukrainian economy,” the statement said. The Ukrainian economy is expected to shrink by 35 percent this year and borrowing needs will remain high. At the same time, the IMF praised the Ukrainian government for maintaining financial stability under the circumstances.
Source: Krone
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