The IMF approves $ 1.4 billion in crisis financing for Ukraine

The IMF approves $ 1.4 billion in crisis financing for Ukraine

Washington [US]March 10 (ANI): The has approved $ 1.4 billion in funding for in the midst of the ongoing war with Russia, the fund said in a statement.

“The International Monetary Fund (IMF)’s Executive Board today approved a $ 1.4 billion (SDR 1,005.9 million) payment under the Rapid Financing Instrument (RFI) to help meet urgent funding needs and mitigate the economic effects of the war,” Russian news agency Sputnik reported with reference to the statement.

On Monday, the Bank approved a package of loans and grants of USD 723 million to Ukraine, providing state budget support in the midst of the extensive conflict with Russia.

The international lender approved a supplementary budget support package for Ukraine, called the Financing of Recovery from Economic Emergency in Ukraine – or FREE Ukraine – for $ 489 million, the bank said in a statement.

“The package approved by the board consists of an additional of $ 350 million and guarantees of $ 139 million and also mobilizes grant financing of $ 134 million and parallel financing of $ 100 million, resulting in total mobilized support of $ 723 million,” it added. .

The Bank announced that the World Bank’s initial support was increased with guarantees from the Netherlands for EUR 80 million (equivalent to USD 89 million) and for USD 50 million.

The World Bank has also set up a multi-donor trust fund (MDTF) to facilitate the channeling of grant resources from donors to Ukraine, with grants from the UK, , Latvia, and amounting to USD 134 million to date.

The World Bank is calling for further contributions to the MDTF. In addition, is linking $ 100 million in parallel funding to the aid package. (ANI)

Source: sn.dk

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