The International Monetary Fund (IMF) says it has reached an agreement with Ukraine on funding worth $15.6bn (shs58,671,865,200,00). The organisation’s first loan to a country at war is expected to be approved in the coming weeks. This would also be one of the largest financing packages Ukraine has received since Russia’s invasion.
The IMF recently changed a rule to allow loans to countries facing “exceptionally high uncertainty”.
According to IMF official Gavin Gray, “Russia’s invasion of Ukraine continues to have a devastating impact on the economy: activity contracted by 30 percent in 2022, a large share of the capital stock has been destroyed, and poverty levels have climbed,”
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