WASHINGTON — The International Monetary Fund has approved a $15.6 billion support package for Ukraine to assist with the conflict-hit country’s economic recovery, the fund said in a statement Friday.
Russia’s invasion has devastated Ukraine’s economy, causing activity to contract by about 30% last year, destroying much of its capital stock and spreading poverty, according to the IMF.
The outbreak of war has rippled through the global economy, fueling global inflation through rising wheat and oil prices.
The invasion has also highlighted Europe’s dependence on Russian natural gas for its energy security. Many countries were forced to seek out alternative sources of energy after the war began.
The two-step program will look to stabilize the country’s economic situation while the war continues before turning to “more ambitious structural reforms” after the end of hostilities, IMF deputy managing director Gita Gopinath said in a statement.
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Edited by Jesus Chan
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