IMF approves $1.4bn emergency funding for Ukraine

Ukraine has received $1.4 billion (£1.1 billion) in emergency aid from the International Monetary Fund (IMF) as it confronts a Russian invasion.

It comes as the IMF anticipates a deep recession in Ukraine this year.

Since the fighting began two weeks ago, more than 2 million people are reported to have fled the nation.

The World Bank approved a $732 million financing package for Ukraine earlier this week, and more economic help is planned for the coming months.

In a statement, IMF managing director Kristalina Georgieva said, “Russia’s military invasion of Ukraine has resulted in a catastrophic humanitarian and economic crisis.

Ms Georgieva stated that the funds would be used to address the country’s immediate spending needs and to assist alleviate the war’s massive economic impact.

“The tragic loss of life, massive refugee flows, and massive devastation of infrastructure and productive capacity are creating extreme human misery and are expected to result in a serious recession this year. Financing requirements are enormous, urgent, and likely to grow as the war progresses “she continued.

The monies will be disbursed through the International Monetary Fund’s Rapid Financing Instrument. As a result, it will essentially be free of the limitations that are typically imposed on borrowing countries.

The IMF loan is in addition to a $723 million World Bank economic package unveiled earlier this week.

This package included grants and loans, as well as a $100 million pledge from the United Kingdom.

The World Bank said it was still working on a $3 billion support package for the coming months.

It also promised additional assistance to neighbouring countries that are hosting the estimated 2 million refugees fleeing Ukraine, the majority of whom are women, children, and the elderly.

Ukraine’s administration has taken additional efforts in recent days to help the country’s war-torn economy.

Last week, the country announced plans to sell non-fungible tokens to help fund its armed forces and raised $270 million through the sale of war bonds.

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