WASHINGTON, March 10. /TASS/. The Executive Board of the International Monetary Fund (IMF) today approved a disbursement of $1.4 bn to Ukraine, the Fund said in its press release.
Funds are provided "under the Rapid Financing Instrument (RFI) to help meet urgent financing needs and mitigate the economic impact of the war," IMF said.
"While the outlook is subject to extraordinary uncertainty, the economic consequences are already very serious, with refugee flows of over 2 million persons in just 13 days and large-scale destruction of key infrastructure in Ukraine," IMF added.
The current situation will result in the deep recession in Ukraine in this year, Managing Director of the International Monetary Fund Kristalina Georgieva said in connection with the IMF’s decision to provide emergency financing to Kiev.
"The Russian military invasion of Ukraine has been responsible for a massive humanitarian and economic crisis. The tragic loss of life, huge refugee flows, and immense destruction of infrastructure and productive capacity is causing severe human suffering and will lead to a deep recession this year," Georgieva said. "Financing needs are large, urgent, and could rise significantly as the war continues," she added.
"Against this extraordinary background, the IMF has approved critical financial support. This should be instrumental in catalyzing the large-scale mobilization of additional concessional financing that will be required to help fill the financing gap and mitigate the economic impacts of the war," Georgieva noted.