Ukraine has received additional emergency funding from the International Monetary Fund (IMF), according to the Ukrainian prime minister.
“Ukraine received $1.3 billion of additional emergency financing support from the International Monetary Fund. The funds will be used to finance priority needs: Strengthening defense capabilities, paying pensions, social programs and supporting the economy,” said Denys Shmyhal.
“In total, the IMF has provided our country with $2.7 billion since the beginning of the full-scale war,” he said.
On October 7, the IMF executive board approved the additional funds “under the food shock window of the Rapid Financing Instrument (RFI) to help meet Ukraine’s urgent balance of payments needs.”
“The scale and intensity of Russia’s war against Ukraine that started more than seven months ago have caused tremendous human suffering and economic pain,” the IMF said in a press release last week.
“This disbursement under the RFI (equivalent to 50 percent of Ukraine’s quota in the IMF) will help meet urgent balance of payment needs, including due to a large cereal export shortfall, while playing a catalytic role for further financial support from Ukraine’s creditors and donors,” the IMF added.