Preliminary agreement reached: $1.1 billion in financial aid from the IMF to Ukraine

The war that began with Russia's invasion attempt of Ukraine has been ongoing for over two and a half years. The war, which has continued since February 2022, has caused millions of people to migrate and thousands to lose their lives. At the same time, billions of dollars in damage have occurred in Ukraine.

Ukraine, which is at war with Russia, has received the green light from the IMF for critical funding.

Ukraine has reached a preliminary agreement with the International Monetary Fund (IMF) for approximately $1.1 billion in financial aid.

$15.6 BILLION IN FUNDING OVER FOUR YEARS

The preliminary agreement with the IMF will be subject to approval by the IMF's executive board. The IMF announced that the preliminary agreement is expected to be approved in the "coming weeks."

The IMF's program to provide $15.6 billion in funding to Ukraine over four years is a key part of a larger global economic support package for Ukraine.

Gavin Gray, who led the monitoring mission to Kyiv for the fifth review of the IMF's loan program, said in a statement, "Russia's war in Ukraine continues to have a devastating impact on the country and its people."

Gray stated, "Appropriate policy setting, the resilience of households and firms, and strong external financing have helped support macroeconomic and financial stability."

News Source: 12punto