The International Monetary Fund has granted Ukraine’s request for $1. 3 billion in additional emergency funding to bolster the nation’s economy.
The financing, which will come from a recently formed emergency lending programme, was approved by the fund on Friday.
According to the organisation, these monies will assist Ukraine in addressing immediate balance of payments concerns, especially those brought on by the loss of grain export revenue.
The fund stated that the size and ferocity of Russia’s war on Ukraine, which started more than seven months ago, “has inflicted enormous human suffering and enormous economic harm.”
The Ukrainian economy is predicted to collapse by 35% in 2022, according to the International Monetary Fund, which also noted that there are still significant funding needs.
The IMF commended the Ukrainian government for preserving financial stability despite the “very challenging” circumstances.
Ukraine receives $1.3 billion in emergency funding from the IMF.
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