IMF to expedite $5 billion loan to Ukraine

Must read

Meet Hakeem Jeffries, the Democrats’ Far-Left Choice to Succeed Pelosi as House Leader

House Democrats on Wednesday elected the heirs apparent to the Nancy Pelosi, Steny Hoyer, James Clyburn era....

Biden Is Sufficiently Far-Left for Progressives to Back Him In 2024

After Democrats managed to turn back the “red wave” in the midterm election, focus has naturally turned to...

Investigation Discloses Terrifyingly Light Sentences for Pedophiles In California

The most precious thing in this world is the innocence of a child. It is where that wide-eyed...

Rail Strike Would Aid Joe Biden’s War on Coal

By Duggan Flanakin for RealClearEnergy Remember that rail strike that President Biden saved us all from just in...

Ukraine likely needs $5 billion a month in financial assistance to keep its economy operating and the immediate priority was finding ways to fill that gap in the next three months, according to International Monetary Fund (IMF) Managing Director Kristalina Georgieva.

The Washington-based financial institution will start work on a future loan program, but it was “unfair” to expect Ukraine to implement a far-reaching package of reforms at the moment, Georgieva told a news conference on Wednesday.

On Sunday, Kiev requested $50 billion in financial support from the Group of Seven (G7) nations and the International Monetary Fund (IMF) to cover a budget deficit largely created by the military conflict with Russia.

Ukraine is also considering issuing 0% coupon bonds to bridge the fiscal gap, as the country is currently facing an estimated $7 billion deficit a month, according to Oleg Ustenko, the top economic adviser to Ukrainian President Volodymyr Zelensky.

The IMF and World Bank have approved more than $2 billion in loans to Ukraine since the beginning of Russia’s military operation in the country. Meanwhile, the World Bank said it was preparing nearly $1.5 billion in extra funds to allow essential Ukrainian government services to continue.

Over the weekend, Georgieva said “more [funds] would be necessary … to keep the economy functioning and prevent inflation shooting up.”

For more stories on economy & finance visit RT’s business section

More articles

Latest article

Meet Hakeem Jeffries, the Democrats’ Far-Left Choice to Succeed Pelosi as House Leader

House Democrats on Wednesday elected the heirs apparent to the Nancy Pelosi, Steny Hoyer, James Clyburn era....

Biden Is Sufficiently Far-Left for Progressives to Back Him In 2024

After Democrats managed to turn back the “red wave” in the midterm election, focus has naturally turned to...

Investigation Discloses Terrifyingly Light Sentences for Pedophiles In California

The most precious thing in this world is the innocence of a child. It is where that wide-eyed...

Rail Strike Would Aid Joe Biden’s War on Coal

By Duggan Flanakin for RealClearEnergy Remember that rail strike that President Biden saved us all from just in...

ACLU Embarrasses Itself Lambasting Americans for Living on ‘Native Land’

The holiday season used to be a time of great joy and fellowship among family and friends. A...