Its board of directors International Monetary Fund today approved a $15.6 billion aid package signed March 21 with the government of Ukraine, paving the way for the first tranche of $2.7 billion.
This loan is provided to help the country meet its urgent financial needs. This is the largest loan Ukraine has received since the Russian invasion on February 24, 2022, and the first major aid package approved by the IMF for a country embroiled in active conflict..
The four-year aid package is expected to “support gradual economic growth, setting the stage for long-term growth in the context of post-conflict recovery and on the path to EU integration,” the IMF said in a statement.
This support is part of a total $115 billion economic assistance program, of which $2 billion is a partial cancellation of existing debt.
The remaining $80 billion will be provided by “bilateral and multilateral donors, $20 billion each in donations, the remaining $60 billion in concessional loans,” the IMF official explained.
Source: Kathimerini
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