IMF to offer Ukraine a four-year financing package worth around $15.6 billion
Per USA News
The International Monetary Fund has decided to provide Ukraine with a four-year financing package worth around $15.6 billion. As of 2017, the largest member of the IMF was the United States, with a quota of $118 billion during the time of reporting.
The $15.6 billion package was directed toward Ukraine's efforts in fighting against Russia. IMF official Gavin Gray gave a statement detailing the reasons behind the fund.
Here are the reasons mentioned.
- Help deal with the exceptionally high uncertainty regarding economic and financial stability.
- Restore sustainability of debt.
- Support the recovery of Ukraine on the path towards EU accession "in the post-war period."
Gray gave a statement regarding how they expect an improvement in the economy in the coming quarters.
Gray: "A gradual economic recovery is expected over the coming quarters, as activity recovers from the severe damage to critical infrastructure, although headwinds persist, including the risk of further escalation in the conflict,"
The $15.6 billion package by the IMF comes as the biggest loan package since the war on Ukraine, which started on Feb 24. The global lender, however, did not reveal additional details aside from funding to Ukraine from donors and partners.
Towards the end of 2022, Ukraine's Volodymyr Zelenskyy agreed with Blackrock CEO Larry Fink regarding an investment in the country. This came shortly after Zelenskyy visited Washington D.C.
The announcement regarding an investment in the country came from the official presidential website. The website said that Blackrock's investment would be directed toward reconstructing Ukraine.
In February, Biden visited Ukraine by surprise, and US Secretary of State Antony Blinken announced a $460 million aid towards the country. During this time, the US President said they would back the country against Russia "as long as it takes."
Biden said they have confidence that Zelenskyy would "continue to prevail" in its fight against Russia.
See flow at unusualwhales.com/flow.
Other News:
- Ukraine's Zelenskyy and Blackrock CEO Agree to Coordinate an Investment in the Country
- Biden has a surprise visit in Ukraine, announces $460 million in aid
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