IMF will give $ 15.6 billion loan to Ukraine
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The IMF said in a statement that its loan assistance program would run for four years, with an initial 18 months focused on bridging Ukraine’s massive budget deficit.
The International Monetary Fund (IMF) has agreed to provide a loan of $ 15.6 billion to Ukraine, which has been facing Russia’s attack for more than a year, to meet its financial needs. Ukraine’s Finance Ministry on Wednesday said it has agreed a loan assistance program with the International Monetary Fund (IMF) that will help Ukraine meet its post-war reconstruction needs while ensuring its macro-financial stability. The IMF said in a statement that its loan assistance program would run for four years, with an initial 18 months focused on bridging Ukraine’s massive budget deficit.
Apart from this, attention will also be given to meet the needs related to pension, salary and basic services by printing new notes. The rest of the program will focus on Ukraine’s membership of the European Union and post-war reconstruction. This assistance program with concessional financing is yet to be approved by the Board of Directors of the IMF. Its military spending has skyrocketed since Russia’s invasion of Ukraine in February 2022, while the size of its economy shrank by nearly 30 percent last year.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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