War-torn Ukraine likely to get $15.6 billion loan from IMF, says report
1 min read 22 Mar 2023, 08:14 PM ISTIf IMF board approves the amount, it would the IMF’s biggest loan to a country involved in an active conflict.
PremiumWar-torn Ukraine has reached a staff-level agreement with The International Monetary Fund for a four-year financing package worth about $15.6bn, reported AlJazeera on 22 March.
As per the agreement, that must still be ratified by the IMF’s board, the funding body has taken into consideration Ukraine’s path to accession to the European Union after the war. However, IMF said that its executive board was expected to discuss approval in the coming weeks.
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“The overarching goals of the authorities’ program are to sustain economic and financial stability in circumstances of exceptionally high uncertainty, restore debt sustainability, and support Ukraine’s recovery on the path toward EU accession in the post-war period," Al Jazeera quoted IMF official Gavin Gray saying in a statement while announcing the agreement.
As per the news website, the IMF staff on Tuesday briefed board members on the deal and the board was supportive.
If IMF board approves the amount, it would the IMF’s biggest loan to a country involved in an active conflict.
Without naming Ukraine, the IMF changed a rule to allow new loan programmes for countries facing 'exceptionally high uncertainty'.
