The International Monetary Fund (IMF) has approved a loan program for Ukraine.
The International Monetary Fund (IMF) has approved a $15.6 billion aid package for Ukraine to help the conflict-torn country’s economic recovery.
According to the IMF, the Russian invasion has devastated Ukraine’s economy, causing activity to shrink by nearly 30 percent last year, destroying much of its capital stock and increasing poverty.
The 48-month Extended Fund Facility (EFF) program approved by the Fund Board is worth approximately $15.6 billion.
The IMF program is part of an assistance package that is to provide a total of $115 billion in support that includes debt relief, grants, and loans from multilateral and bilateral institutions.
Under the loan program approved by the IMF, the amount of 15 billion 600 million dollars will be provided to Ukraine in installments over four years.
