IMF approves $1.4 billion in emergency financing for Ukraine

The International Monetary Fund has approved emergency financing of $1.4 billion to Ukraine in the midst of the ongoing war with Russiathe fund said in a statement.

“The Board of Directors of the International Monetary Fund (IMF) today approved a disbursement of $1.4 billion (SDR 1005.9 million) under the Rapid Financing Instrument (RFI) to help meet urgent financing needs and mitigate the impact economics of the war,” Russian news agency Sputnik quoted the statement as saying.

Monday, the world Bank approved a $723 million loan and grant package for Ukraine, providing budgetary support to the government in the all-out conflict with Russia.

The international lender has approved an additional budget support program for Ukraine, called Ukraine Economic Emergency Recovery Funding – or FREE Ukraine – for $489 million, the bank said in a statement.

“The Board-approved package consists of an additional $350 million loan and $139 million in guarantees and also leverages $134 million in grant financing and $100 million in parallel financing. resulting in total mobilized support of $139 million. 723 million,” he added.

The bank informed that the initial support from the World Bank has been increased with guarantees from the Netherlands for 80 million euros (equivalent to 89 million dollars) and from Sweden for 50 million dollars.

The World Bank has also set up a Multi-Donor Trust Fund (MDTF) to facilitate the flow of donor grants to Ukraine, with contributions from the UK, Denmark, Latvia, Lithuania and Ukraine. Iceland with $134 million to date.

The World Bank is calling for further grants for the MDTF. In addition, Japan is linking $100 million in parallel funding to the support program