IMF Approves $15.6 Billion Support Package For Conflict-Hit Ukraine

The International Monetary Fund has approved a $15.6 billion support package for Ukraine to assist with the conflict-hit country's economic recovery, the fund said in a statement Friday.

The Russian invasion has devastated Ukraine's economy, causing activity to contract by around 30 percent last year, destroying much of its capital stock and fueling poverty, according to the IMF.

The 48-month Extended Fund Facility program approved by the fund's board is worth roughly $15.6 billion. It forms the IMF's portion of a $115 billion overall support package comprised of debt relief, grants and loans by multilateral and bilateral institutions, the organization confirmed in a press conference Friday.

The new four-year program aims to "anchor macroeconomic and financial stability as well as to undertake critical structural reforms as the war continues," IMF deputy managing director Gita Gopinath said in a statement.

Of the total amount approved by the IMF, $2.7 billion is being made available to Ukraine immediately, with the rest of the funds due to be released over the next four years.

The more "ambitious structural reforms" to support sustained growth and post-war reconstruction, as well as facilitate Ukraine's path to EU accession among other goals, will be left until active combat ends, she added.

The program also includes additional guarantees from some IMF members in the event that active combat continues beyond the current estimate of mid-2024.

If the current conflict were to continue into 2025, it would raise Ukraine's financial needs from $115 billion to around $140 billion, said the IMF.



from NDTV News Search Records Found 1000 https://ift.tt/MSJsnNw

Comments

Post a Comment

Popular posts from this blog

"Modi Does What He Promises": PM On Why People Trust His 'Guarantees'

Highlighting his recent state election slogan, "Modi ki Guarantee," Prime Minister Modi asserted that the country trusts his guarantee because he diligently works to fulfill them. During a one-day visit to Ayodhya, he inaugurated and laid the foundation stone for 46 projects worth Rs 15,700 crore. The events included the inauguration of Ayodhya Dham Junction, Maharishi Valmiki International Airport, and the flagging off of 6 Vande Bharat and 2 Amrit Bharat trains. "The strength of Modi's guarantee lies in the fact that Modi does what he promises. Today, the country has faith in Modi's guarantee because he puts in all his efforts to fulfill the guarantees he gives. This city of Ayodhya is also a witness to this," he stated. Expressing eagerness for the upcoming consecration at the Ram Temple, PM Modi proclaimed himself a devotee of every particle and person in India. PM Modi reached Ayodhya on a one-day visit, where he inaugurated and laid the foundation
Read more

'800-Strong Mob Intended To Cause Death': Probe Agency On Bengal Attack

Giving chilling details about the attack on its officials, allegedly by supporters of a Trinamool Congress leader, the Enforcement Directorate has said the mob consisted of 800-1,000 people and that there was an "intention to cause death". The agency said three of its officials were severely injured and that people in the mob robbed its personnel of their belongings, including mobile phones, wallets and laptops.  The attack occurred in Sandeshkhali in West Bengal's North 24 Parganas district on Friday, when an Enforcement Directorate team - accompanied by personnel from the Central Reserve Police Force (CRPF) - was carrying out searches at three premises belonging to Trinamool leader Sahajahan Sheikh in connection with the alleged Public Distribution Scam.  While the Trinamool Congress called the incident "a BJP conspiracy" and claimed "unruly elements attached with the central agencies provoked locals", the BJP has dubbed the continuance of the rul
Read more