IMF approves 15.6 billion dollar support package for Ukraine

Tags: Economy/Finance International News

The International Monetary Fund (IMF) has approved a $15.6 billion support package to aid the economic recovery of conflict-torn country Ukraine.

An overview of the news

  • The Russian invasion has devastated Ukraine's economy, causing economic activity to shrink by about 30 percent last year, according to the IMF.

  • War has destroyed capital stock and promoted poverty.

  • The 48-month Extended Fund Facility program approved by the Fund's Board amounts to approximately $15.6 billion.

  • It is part of the IMF's $115 billion total support package, which includes debt relief, grants, and loans by multilateral and bilateral institutions.

  • If the current conflict were to continue into 2025, it would raise Ukraine's financial needs from $115 billion to around $140 billion, said the IMF.

About Ukraine

  • Ukraine, a country located in Eastern Europe, is the second largest country in the continent after Russia.

  • Its capital is Kiev, located on the Dnieper River in north-central Ukraine.

  • Prime Minister: Denys Shmyhal

  • President: Volodymyr Zelensky

  • Capital: Kyiv

  • Official Language    : Ukrainian

  • Currency : Rryvnya (UAH)

About International Monetary Fund (IMF)

  • It is an international organization that promotes global economic growth and financial stability, encourages international trade, and reduces poverty.

  • It was established in 1944 in the aftermath of the Great Depression of the 1930s.

  • It is an organization of 190 member countries.

  • It is governed by and accountable to 190 countries.

  • India became its member in December 1945.

  • The IMF's resources come mainly from money that countries pay in as their capital subscriptions (quotas) when they become members.

  • The International Monetary Fund’s executive board comprises 24 members.

  • Managing Director - Kristalina Georgieva (Bulgaria)

  • Headquarter (HQ) - Washington, D.C., US

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