<p>The International Monetary Fund said its executive board on Wednesday approved $1.4 billion in emergency financing for Ukraine to help meet urgent spending needs and mitigate the economic impact of Russia's military invasion.</p>.<p>The global lender said Ukrainian authorities had canceled an existing stand-by lending arrangement with the IMF, but would work with the fund to design an appropriate economic program focused on rehabilitation and growth when conditions permit.</p>.<p>"The Russian military invasion of Ukraine has been responsible for a massive humanitarian and economic crisis," IMF Managing Director Kristalina Georgieva said in a statement after the meeting, predicting a deep recession in Ukraine this year.</p>.<p>"Financing needs are large, urgent, and could rise significantly as the war continues," she said. Once the war was over, Ukraine was likely to need additional "large support."</p>.<p><strong>Read | <a href="https://www.deccanherald.com/international/world-news-politics/ukraine-prepares-potential-move-of-sensitive-data-to-another-country-official-says-1089874.html" target="_blank">Ukraine may move sensitive data to another country</a></strong></p>.<p>The IMF said the war had already resulted in very serious consequences, citing the flight of over 2 million people from the country in 13 days and large-scale destruction of key infrastructure.</p>.<p>Russia describes the assault as a "special military operation."</p>.<p>The disbursement under the IMF's Rapid Financing Instrument (RFI), equivalent to 50% of Ukraine's quota in the IMF, will help fund urgent spending needs in the short term, while helping to catalyze financing from other partners, the IMF said.</p>.<p>The RFI provides rapid funding to IMF member countries without the need for a full-fledged program. Members can tap the RFI repeatedly within any three-year period if the balance of payments need is caused by an exogenous shock, according to the IMF website.</p>.<p>It comes on top of $700 million disbursed to Ukraine by the IMF in December, and $2.7 billion in IMF Special Drawing Rights, or emergency reserves, that Ukraine received as part of an IMF allocation in August.</p>.<p>The World Bank's executive board on Monday approved a $723 million package of loans and grants for Ukraine.</p>.<p><strong>Watch latest videos by DH here:</strong></p>
<p>The International Monetary Fund said its executive board on Wednesday approved $1.4 billion in emergency financing for Ukraine to help meet urgent spending needs and mitigate the economic impact of Russia's military invasion.</p>.<p>The global lender said Ukrainian authorities had canceled an existing stand-by lending arrangement with the IMF, but would work with the fund to design an appropriate economic program focused on rehabilitation and growth when conditions permit.</p>.<p>"The Russian military invasion of Ukraine has been responsible for a massive humanitarian and economic crisis," IMF Managing Director Kristalina Georgieva said in a statement after the meeting, predicting a deep recession in Ukraine this year.</p>.<p>"Financing needs are large, urgent, and could rise significantly as the war continues," she said. Once the war was over, Ukraine was likely to need additional "large support."</p>.<p><strong>Read | <a href="https://www.deccanherald.com/international/world-news-politics/ukraine-prepares-potential-move-of-sensitive-data-to-another-country-official-says-1089874.html" target="_blank">Ukraine may move sensitive data to another country</a></strong></p>.<p>The IMF said the war had already resulted in very serious consequences, citing the flight of over 2 million people from the country in 13 days and large-scale destruction of key infrastructure.</p>.<p>Russia describes the assault as a "special military operation."</p>.<p>The disbursement under the IMF's Rapid Financing Instrument (RFI), equivalent to 50% of Ukraine's quota in the IMF, will help fund urgent spending needs in the short term, while helping to catalyze financing from other partners, the IMF said.</p>.<p>The RFI provides rapid funding to IMF member countries without the need for a full-fledged program. Members can tap the RFI repeatedly within any three-year period if the balance of payments need is caused by an exogenous shock, according to the IMF website.</p>.<p>It comes on top of $700 million disbursed to Ukraine by the IMF in December, and $2.7 billion in IMF Special Drawing Rights, or emergency reserves, that Ukraine received as part of an IMF allocation in August.</p>.<p>The World Bank's executive board on Monday approved a $723 million package of loans and grants for Ukraine.</p>.<p><strong>Watch latest videos by DH here:</strong></p>