IMF approves $15.6 billion package for Ukraine

A war-torn Ukrainian road, a citizen passes by on a bicycle.

The International Monetary Fund (IMF) has approved a $15.6 billion aid package for Ukraine.

According to the IMF, Ukraine’s economy has collapsed since the Russian invasion.

Economic activity in Ukraine shrank by 30 percent last year, with much of the capital destroyed.

The duration of the assistance package from the IMF will be 48 months, through this 4-year program major steps of restructuring reforms including economic and financial stability have to be taken.

Out of the $15.6 billion package, $2.7 billion will be released immediately, while the remaining funds will be released over the next four years.

The IMF says that if the current war continues until 2025, Ukraine’s financial needs will increase from $115 billion to $140 billion.

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