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IMF board of directors will consider a $1.4 billion loan to Ukraine

International Monetary Fund (IMF) Managing Director Kristalina Georgieva speaks during a joint news conference at the end of the Summit on the Financing of African Economies in Paris, France May 18, 2021. Ludovic Marin/Pool via REUTERS/Files

The International Monetary Fund’s executive board is expected to approve $1.4 billion in emergency funds for Ukraine on Wednesday to aid the country’s response to Russia’s invasion, according to IMF Managing Director Kristalina Georgieva.

The news: The financing comes on top of the IMF’s $700 million in December and $2.7 billion in emergency reserves it received as part of an IMF allocation in August, according to Georgieva at a Financial Times discussion.

  • She stated that IMF employees met with Ukrainian authorities on a daily basis to assist them in managing the economic crisis precipitated by the Russian invasion and mobilising financial support and resources.
  • The war, according to the IMF’s chief, has thrown the entire economy into disarray, raising energy and food prices, displacing millions of people, and undermining corporate confidence.
  • According to Georgieva, the international lender was considering how best to assist some of Ukraine’s close neighbours, notably Moldova, which was seeking assistance.
  • She said it was too early to determine the impact of the war and the sweeping sanctions placed on Russia by the US and its allies on the global economy.
  • It was uncertain how much the Russian economy could contract, but she said a recession was “very likely.”

The World Bank’s executive board authorised a $723 million loan and grant package for Ukraine on Monday, providing much-needed government budget help as Ukraine fights a Russian invasion.

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