IMF board approves US$15.6 billion loan for Ukraine – Reuters

Ukrainska Pravda
·1 min read

The IMF executive board on Friday approved a four-year US$15.6 billion financing package for Ukraine to help the country meet urgent funding needs amid the ongoing war.

Source: Reuters, citing a source briefed on the decision

Quote: "The loan is Ukraine's biggest since Russia's full-scale invasion on [24 February 2022], and the first major package approved by the IMF to a country involved in an active conflict," the agency reports.

The decision formalises an IMF staff-level agreement reached with Ukraine on 21 March.

The agreement is expected to help unleash large-scale financing for Ukraine from international donors and partners, including the World Bank and other lenders.

"The International Monetary Fund’s board signed off on a $15.6 billion aid package for Ukraine, the final approval for the institution’s first-ever loan to a nation at war," Bloomberg reports.

Background:

  • It was reported that on Friday, 31 March, the Board of Directors of the IMF will consider Ukraine's request to open a new four-year program of extended EFF funding.

  • Ukraine and the International Monetary Fund have reached a staff-level agreement on a new program worth US$15.6 billion for a period of four years.

  • The IMF changed the lending rules for the future support program for Ukraine.

  • The International Monetary Fund is ready to provide significant economic support to Ukraine under a new full-fledged loan program.

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