The IMF’s executive board approved a $1.1 billion payout for Ukraine on Friday, which it says will be used to provide budget support to the war-torn country. The approval of the Fund’s fifth loan review brings the total amount disbursed to Ukraine since then to $8.7 billion. “Russia’s war in Ukraine continues to bring a devastating social and economic toll on Ukraine,” IMF Managing Director Kristalina Georgieva said in a statement. “Despite the war, macroeconomic and financial stability is being preserved through skilful policymaking by the Ukrainian authorities as well as substantial external support,” she added. Ukraine’s economy had been “more resilient than expected” in the first half of the year, with good domestic data “bolstered by continued sizeable external support,” according to the IMF.

Source: Punch October 19, 2024 08:36 UTC