the IMF approves an emergency aid of 1.4 billion dollars for the country

The IMF at the bedside of Ukraine. The International Monetary Fund approved Wednesday, March 9 emergency aid amounting to 1.4 billion dollars for Ukraine. The country is facing “to a very serious humanitarian and economic crisis” since the beginning of the war, “funding needs are large, urgent and could increase significantly as the war continues”assured the managing director of the IMF, Kristalina Georgieva.

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“The tragic loss of life, the huge flow of refugees and the immense destruction of infrastructure and production capacity are causing severe human suffering and will lead to a deep recession this year.”

Kristalina Georgieva, Managing Director of the IMF

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Emergency aid should enable the government to “meet urgent balance of payments needs resulting from the effects of war and will provide essential short-term support”estimated the institution. Kristalina Georgieva pointed out, however, that “the emergency political response of the Ukrainian authorities has been remarkable”noting that Ukraine “stayed current on all debt obligations”. Before the war, the Washington institution was counting on a growth of the Ukrainian economy of 3.6% this year.