21:10 31 Mar 2023

IMF approves $15.6 bln loan for Ukraine – Reuters

The IMF's Executive Board approved a four-year financing package for Ukraine worth $15.6 billion to help meet urgent financing needs March 31.

The loan is Ukraine's biggest since day one of russia's full-scale war, Reuters reports.

"The loan is Ukraine's biggest since russia's full-scale war. It is the first major package approved by the IMF to a country involved in an active conflict, the media reports.

The decision formalizes an IMF staff-level agreement reached with Ukraine on March 21 that takes into consideration Ukraine's path to accession to the European Union after the war.

This agreement is expected to help unlock large-scale financing for Ukraine from international donors and partners, including the World Bank and other creditors.

"The executive board of the International Monetary Fund has approved a $15.6 billion aid package for Ukraine, marking the final decision to grant the organization's first-ever loan to a country at war," Bloomberg reports.

The IMF changed the lending rules for the future support program for Ukraine. It is ready to provide significant economic support to Ukraine within the framework of a new comprehensive credit program.

The new Extended Fund Facility would allow the immediate disbursement of around $2.7 billion to Ukraine.

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