IMF releases $1.3 billion in emergency financing for Kyiv

It’s an emergency boost. The International Monetary Fund (IMF) will release $1.3 billion in financing for Ukraine through its new aid instrument to deal with food shocks, the institution announced in a press release on Friday.

This new envelope aims to “support Ukraine in the face of its urgent needs in terms of balance of payments” but also to “play a catalytic role for future financial support from donors and creditors of Ukraine”, explained the IMF.

“The scale and intensity of the war launched by Russia against Ukraine more than seven months ago has caused considerable human suffering and strongly affected the Ukrainian economy”, estimated the institution in its press release, adding: “GDP is expected to decline by 35% in 2022 compared to 2021 and financing needs remain very high. »

Acknowledgments from Zelensky

Ukrainian President Volodymyr Zelensky announced the IMF assistance earlier in the day on Twitter, adding that “funds will arrive in Ukraine today” and thanking Managing Director Kristalina Georgieva and the IMF Board. , “for their support”.

The Fund also underlined “the praise deserved to the authorities for having been able to maintain the country’s macro-economic stability in these extremely difficult circumstances”.

US$12 billion

At the end of September, the World Bank had also granted $530 million in additional support to “address the urgent needs caused by the Russian invasion”, bringing the total aid granted by the institution to $13 billion since the start of the conflict.

The US Congress, for its part, voted a new tranche of aid of 12.3 billion dollars, including 3.7 billion for military equipment, bringing the total American effort to 65 billion dollars since the launch of the invasion. Russian.

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Russian President Vladimir Putin announced on September 30 the annexation of four Ukrainian regions partially conquered at the start of the conflict, but his troops have suffered several setbacks since the beginning of September.

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