The International Monetary Fund (IMF) has approved additional emergency financing of 1.3 billion euros for Ukraine. The country had requested it because of the ongoing war with Russia and because it wants support for its economy.
It was announced last month that the IMF is looking at a plan in which countries suffering the hardest from the war in Ukraine and the resulting food shortage will receive emergency funding. The money for Ukraine will come from this new emergency assistance program.
According to the IMF, the war, which began Feb. 24, has caused “enormous human suffering and economic pain.” The organization predicts a 35 percent economic contraction in the country this year.