IMF Joins World Bank In Supporting Ukraine, Approves $1.4bn Emergency Financing
The International Monetary Fund (IMF) says its executive board has approved $1.4 billion in emergency financing to support Ukraine amid the ongoing war with Russia.
The Washington-based institution, in a statement, said the executive board gave its approval on Wednesday night.
According to IMF, the support comes from its rapid financing instrument (RFI).
The RFI provides rapid financial assistance available to all IMF member countries facing an urgent balance of payments need.
Kristalina Georgieva, IMF managing director, said the Russian military invasion of Ukraine has been responsible for a massive humanitarian and economic crisis.
She said the “tragic loss of life, huge refugee flows, and immense destruction of infrastructure and productive capacity is causing severe human suffering and will lead to a deep recession this year.”
“Financing needs are large, urgent, and could rise significantly as the war continues.”
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