IMF approves $1.4 billion in ‘essential’ support for Ukraine Business

The International Monetary Fund has approved $1.4bn (£1bn) in emergency funding for Ukraine to help the country cope with the “massive humanitarian and economic crisis” caused by the Russian invasion.

Chief Executive Kristalina Georgieva said the package provides “essential financial support” that enables “large-scale mobilization” of funds needed to deal with the economic impacts of the war.

The global lender said the economic consequences of the conflict are “already very serious” as 2 million refugees have fled the country in 13 days.

The war has been a shock to global markets, with energy and commodity prices soaring, adding to inflationary pressures from supply chain disruptions and the rebound from the pandemic.

Under what is known as the Rapid Financing Instrument, the IMF provides emergency financing to its member countries.

Ukraine had already received $2.8 billion under this program to address the social and economic impacts of the Covid pandemic.

Earlier this week, the World Bank approved a $723 million package of loans and grants for the war-torn country.

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This notice was published: 2022-03-09 23:35:20

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