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Economics

IMF Approves $1.4 Billion Loan for Ukraine’s War-Hit Economy

  • War will lead to ‘deep recession’ this year, Georgieva says
  • Ukrainian officials canceled prior loan with $2.2 billion left
Updated on

The International Monetary Fund approved a $1.4 billion emergency loan for Ukraine to bolster the nation’s economy, citing severe human suffering and forecasting a deep recession this year after Russia’s invasion.

The money, approved by the lender’s board on Wednesday, comes from the Rapid Financing Instrument, the IMF said in a statement. That means that it comes mostly without the conditions on the borrower country normally required by the fund.