The International Monetary Fund (IMF) announced that within the framework of the new “Food Impact Window” program, it has approved financial support of 1.3 billion dollars for Ukraine.
In a statement from the IMF, it is said that the IMF’s Board of Executive Directors approved the emergency financial support for Ukraine.
The statement notes that under the new “Food Impact Window” program, $1.3 billion will be paid to Ukraine to help meet the country’s urgent balance of payments needs.
More than 7 months have passed in the war that Russia has started in Ukraine, it is recalled in the statement where it is emphasized that the human and economic losses of the war continue to be great and that this has brought together the great and urgent financial and external financing needs.
It is further emphasized that in a situation where the population has been massively displaced and where housing and basic infrastructure have been destroyed, it is expected that Ukraine’s economy will shrink by 35 percent in 2022.
The IMF statement said that Ukrainian officials deserve considerable credit for ensuring significant macro-financial stability under extremely difficult conditions.
The Board of Executive Directors of the IMF on October 5, within the framework of emergency financing instruments, approved the “Food Impact Window” program.
A statement from the fund said that the new financing window will provide additional access to emergency financing for countries facing urgent balance of payments needs related to the global food crisis.
The news was announced by Ukrainian Prime Minister Denys Shmyhal, who said that Kiev will use the loan to strengthen the army, pay pensions to residents, support social programs and economic measures.
“1.3 billion dollars of additional funds from the International Monetary Fund have arrived in Ukraine”, Prime Minister Shmyhal said today in Telegram.
According to the IMF, financing requirements will be around 3-4 billion dollars per month in 2023.
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