A $15.6 billion loan program for Ukraine has been approved for Ukraine by the International Monetary Fund.
In October, the IMF said Ukraine needed as much as $5 billion a month and Russia has since only continued its destructive campaign, despite the United Nations General Assembly passing a non-binding resolution that called on Russia to make reparations to its neighbor in November.
Risks to the arrangement were “exceptionally high,” First Deputy Managing Director of IMF, Gita Gopinath, said, as she lauded Ukrainian authorities for maintaining financial stability despite the grueling war. Seven people were killed in Ukraine's eastern regions of Sumy, Kherson, Donetsk and Zaporizhzhia, the Ukrainian military said Saturday in a FacebookSaturday about the previous 24 hours. It added that almost 60 settlements along the frontline came under fire from artillery, tanks and air.
The loan program is designed to support Ukraine’s struggles with meeting its payments arising from the “large exogenous shock of the war,” the IMF said. It follows the previous $1.4 billion financing provided in March of last year and a follow-up of another $1.3 billion under a “food shock window” program in October.
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