The money is to support Ukraine’s “ongoing economic reconstruction” and at the same time “promote long-term growth” during the country’s reconstruction after the end of the war and on its way to membership in the EU, according to the IMF.
“In addition to the terrible human suffering, Russia’s invasion of Ukraine also has a devastating impact on the economy,” IMF Ukraine chief Gavin Gray said in a statement.
Among the devastating effects during the last year, it is mentioned that Ukraine’s economy shrank by 30 percent, that poverty in the country increased and that much of the capital value in the country was destroyed.
The IMF’s board needs to approve the loan before it can begin to be disbursed. The case is expected to be heard sometime in the coming weeks.