{"id":76154,"date":"2023-04-02T10:09:42","date_gmt":"2023-04-02T08:09:42","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/imf-approves-15-6-billion-support-package-for-ukraine"},"modified":"2023-04-02T12:42:22","modified_gmt":"2023-04-02T10:42:22","slug":"imf-approves-15-6-billion-support-package-for-ukraine","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/imf-approves-15-6-billion-support-package-for-ukraine","title":{"rendered":"IMF Approves $15.6 Billion Support Package For Ukraine"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Zimbabwe. <\/strong><\/span>The International Monetary Fund (IMF) has approved a $15.6 billion support package for Ukraine to assist with the conflict-hit country\u2019s economic recovery.<\/p>\n<p><b>Russia\u2019s invasion in February 2022<\/b> has devastated Ukraine\u2019s economy, causing activity to contract by about 30% last year, destroying much of its capital stock and spreading poverty, the fund said in a statement Friday.<\/p>\n<p>The outbreak of war has rippled through the global economy, fueling global inflation through rising wheat and oil prices.<\/p>\n<p>The invasion has also highlighted Europe\u2019s dependence on Russian natural gas for its energy security. Many countries were forced to seek out alternative sources of energy after the war began.<\/p>\n<p>IMF deputy managing director Gita Gopinath said the two-step program will look to stabilize the country\u2019s economic situation while the war continues, before turning to \u201cmore ambitious structural reforms\u201d after the end of hostilities.<\/p>\n<p>The 48-month Extended Fund Facility approved by the fund\u2019s board is worth roughly $15.6 billion, the Voice of America reported.<\/p>\n<p>It forms the IMF\u2019s portion of a $115 billion overall support package comprised of debt relief, grants and loans by multilateral and bilateral institutions, the IMF\u2019s Ukraine mission chief Gavin Gray told reporters on Friday. He said:<\/p>\n<p>The goal of Ukraine\u2019s new IMF-supported program is to provide an anchor for economic policies \u2014 policies that will sustain macroeconomic financial stability and support &#8230; economic recovery.<\/p>\n<p>Of the total amount approved by the IMF, $2.7 billion is being made available to Ukraine immediately, with the rest of the funds due to be released over the next four years.<\/p>\n<p>The program also includes additional guarantees from some IMF members if active combat continues beyond its current estimate of mid-2024.<\/p>\n<p>If the conflict were to extend into 2025, it would raise Ukraine\u2019s financial needs from $115 billion to about $140 billion, Gray said. He added:<\/p>\n<p>This program has been designed in such a way that it would work even if economic circumstances are considerably worse than &#8230; the current baseline.<\/p>\n<p>IMF has come under criticism over alleged favouritism after proving just over $30 billion in emergency funding to African countries through its Rapid Credit Facility and Rapid Financing Instrument programs during the COVID-19 era.<\/p>\n<p>Critics said Ukraine is just one country but is receiving more money than Africa as a continent.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/zimbabwe\">Zimbabwe<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Zimbabwe. The International Monetary Fund (IMF) has approved a $15.6 billion support package for Ukraine to assist with the conflict-hit country\u2019s economic recovery. Russia\u2019s invasion in February 2022 has devastated Ukraine\u2019s economy, causing activity to contract by about 30% last year, destroying much of its capital stock and spreading poverty, the fund said [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":76152,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[1493,2189,14451,2876,10757,19],"class_list":{"0":"post-76154","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-africa-press","10":"tag-africa-press-zimbabwe-2","11":"tag-imf-covid-19-debt-relief","12":"tag-international-relations","13":"tag-russia-ukraine-conflict-2022","14":"tag-zimbabwe"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.1 (Yoast SEO v24.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IMF Approves $15.6 Billion Support Package For Ukraine - 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