The International Monetary Fund (IMF) on Wednesday approved $1.4 billion in emergency assistance for Ukraine, which is facing “a very serious humanitarian and economic crisis” since the outbreak of the conflict with Russia.
“The financing needs are large, urgent and could increase significantly as the war continues,” said IMF Managing Director Kristalina Georgieva, warning of a “deep recession in the country this year.”
The emergency assistance will enable the government to “address urgent balance of payments needs” resulting from the effects of the conflict and will provide essential short-term support, the fund said.
It also hopes that this assistance will act as a “catalyst” for other financial partners.
Ukraine, one of Europe’s poorest countries, was already benefiting from an IMF aid program.
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