IMF board, US approve Ksh.1.7 trillion loan for Ukraine

IMF board, US approve Ksh.1.7 trillion loan for Ukraine

The International Monetary Fund (IMF) board on Wednesday approved Ksh.160.5 billion (US$1.4 billion) in emergency financing for Ukraine to help meet urgent financing needs and mitigate the economic impact of the conflict.

The Ukrainian authorities have expressed their intent to work with the IMF to design an appropriate economic program aimed at rehabilitation and growth, when conditions permit, Kristalina Georgieva, managing director and chair of the IMF, said in an online statement.

Once the conflict is over and a proper damage assessment can be performed, additional large support is likely to be needed to support reconstruction efforts, she said.

On the other hand, a majority of the U.S. Senate on Thursday voted to approve legislation providing Ksh.1.5 trillion (US$13.6 billion) aid to Ukraine.

The bill will now go to U.S. President Joe Biden, who will sign it into law.

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