London Daily

Focus on the big picture.

IMF Approves $15.6 Billion Support Package For Conflict-Hit Ukraine

IMF Approves $15.6 Billion Support Package For Conflict-Hit Ukraine

The Russian invasion has devastated Ukraine's economy, causing activity to contract by around 30 percent last year, destroying much of its capital stock and fueling poverty, according to the IMF.
The International Monetary Fund has approved a $15.6 billion support package for Ukraine to assist with the conflict-hit country's economic recovery, the fund said in a statement Friday.

The Russian invasion has devastated Ukraine's economy, causing activity to contract by around 30 percent last year, destroying much of its capital stock and fueling poverty, according to the IMF.

The 48-month Extended Fund Facility program approved by the fund's board is worth roughly $15.6 billion. It forms the IMF's portion of a $115 billion overall support package comprised of debt relief, grants and loans by multilateral and bilateral institutions, the organization confirmed in a press conference Friday.

The new four-year program aims to "anchor macroeconomic and financial stability as well as to undertake critical structural reforms as the war continues," IMF deputy managing director Gita Gopinath said in a statement.

Of the total amount approved by the IMF, $2.7 billion is being made available to Ukraine immediately, with the rest of the funds due to be released over the next four years.

The more "ambitious structural reforms" to support sustained growth and post-war reconstruction, as well as facilitate Ukraine's path to EU accession among other goals, will be left until active combat ends, she added.

The program also includes additional guarantees from some IMF members in the event that active combat continues beyond the current estimate of mid-2024.

If the current conflict were to continue into 2025, it would raise Ukraine's financial needs from $115 billion to around $140 billion, said the IMF.
Newsletter

Related Articles

London Daily
0:00
0:00
Close
EU to Transfer Interest from Frozen Russian Funds to Ukraine
Greenpeace Co-Founder Paul Watson Arrested in Greenland
EU Relocates Summit to Punish Hungary over Orban's Ukraine Visit
Netanyahu Seeks Meeting with Trump During Washington Visit
World's Hottest Day Recorded on July 21
UK Labour Government To Halt Migrant Housing on Accommodation Barge
President Biden Returns to White House After Testing COVID Negative
Trump Says Kamala Harris Would Be Easier Election Opponent Than Biden
Thousands Protest in Mallorca Against Mass Tourism
Immigration Crackdown Targets Car Washes and Beauty Sector
Nigeria's Controversial Return to Colonial-Era National Anthem
Hacking Vulnerabilities: Androids vs. iPhones
Ukraine Crisis Should Be EU's Responsibility, Says Trump’s Envoy
A Week of Turmoil: Key Moments in US Politics
Barrow's Sacred Heart Primary School Faces Long-Term Closure
German National Sentenced to Death in Belarus
Elon Musk's Companies Drop CrowdStrike After Global Windows 10 Outage
US Advises India on Russian Ties Amid Geopolitical Shifts
Trump Pledges to End Ukraine Conflict if Reelected
Global IT Outage Unveils Digital Vulnerabilities
Global IT Outage Sparks Questions About Financial Accountability
CrowdStrike Bug Affects 8.5 Million Windows Devices
Flights Resume After Major Microsoft Outage
US Criticizes International Court's Opinion on Israeli Occupation
CrowdStrike Update Causes Global IT Outage Due to Skipped Quality Checks
EU’s Patronizing Attitude Towards Africa Revealed
Netanyahu Denounces World Court Ruling on Israeli Occupation
Adidas Drops Bella Hadid Over Controversy
Global Outage Caused by CrowdStrike Update Impacts Millions
Massive Flight Cancellations Across the U.S. Due to Microsoft Outage
Global Windows Outage Causes Chaos Across Banks, Airlines, and More
Russia Accuses Ukraine of Using Chemical Weapons
UK's Flawed COVID-19 Planning Exposed by Inquiry
Ursula von der Leyen Wins Second Term as European Commission President
Police Officer Injured in Attack in Central Paris
Hulk Hogan absolutely tore it up at the RNC.
Paris is being "cleansed" of migrants and homeless people ahead of the Olympics.
Lamine Yamal arriving at his school after winning the Euros
Campaigners Urge UK Government to Block Shein's London IPO
UK Labour Government's Legislative Agenda
UK Labour Government to Regulate Powerful AI Models
Record Heat Temperatures in Ukraine Amid Power Crisis
UK Government Plans to Remove 92 Hereditary Peers from House of Lords
King Charles III Delivers Labour Government's First King's Speech
Officials Remove 'Disastrous' Label from Liz Truss's Mini-Budget
Keir Starmer Outlines Ambitious Plans for Government
Japan to Allocate $3.3 Billion to Ukraine Using Frozen Russian Assets
EU Parliament Condemns Hungarian PM's Russia Visit
FBI Struggles to Find Motive Behind Trump Shooting Incident
Kremlin Criticizes EU Rejection of Orban’s Ukraine Peace Proposal
×