The International Monetary Fund (IMF) has approved $1.4 billion of emergency funding for Ukraine, to help meet urgent spending needs and mitigate the economic impact of Russia’s military invasion.
The Fund’s managing director Kristalina Georgieva says the funds will be disbursed under its Rapid Financing Instrument (RFI). This means it will largely come without conditions that are usually placed on borrower countries.
The RFI provides rapid funding to IMF member countries without the need for a fully fledged programme. Members can tap the RFI repeatedly within any three-year period if the balance of payments need is caused by an external shock.
The financing comes in addition to a $723 million World Bank economic package, which was announced earlier this week. That package was made up of grants and loans, including a $100 million pledge from the UK.