NEW YORK - 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.
The outbreak of war has rippled through the global economy, fueling global inflation through rising wheat and oil prices. 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.It forms the IMF's portion of a $115-billion overall support package comprised of debt relief, grants and loans by multilateral and bilateral institutions, the IMF's Ukraine mission chief Gavin Gray told reporters on Friday.
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.
Waisting money I see