IMF approves US$1.4 billion in emergency funding for Ukraine

  • IMF approves US$1.4 billion in emergency funding for Ukraine

     

     

    The International Monetary Fund (IMF) said its executive board on Wednesday (Mar 9) approved US$1.4 billion in emergency financing for Ukraine to help meet urgent spending needs and mitigate the economic impact of Russia's military invasion.

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    The global lender said Ukrainian authorities had canceled an existing stand-by lending arrangement with the IMF, but would work with the fund to design an appropriate economic program focused on rehabilitation and growth when conditions permit.

    "The Russian military invasion of Ukraine has been responsible for a massive humanitarian and economic crisis," IMF Managing Director Kristalina Georgieva said in a statement after the meeting, predicting a deep recession in Ukraine this year.

    "Financing needs are large, urgent, and could rise significantly as the war continues," she said. Once the war was over, Ukraine was likely to need additional "large support."

    The IMF said the war had already resulted in very serious consequences, citing the flight of over 2 million people from the country in 13 days and large-scale destruction of key infrastructure.

    Russia describes the assault as a "special military operation."