IMF approves $1.4bn emergency funding to Ukraine

As Ukraine continues to fight against Russia, the International Monetary Fund (IMF) has approved an emergency fund of $1.4bn to the war affected country. International Monetary Fund also predicted that Ukraine will see a severe recession this year. According to the Reports, More than two million Ukrainian citizens have left the country till now. Prior to this fund allocation, World Bank also approved a financial package of $732 to Ukraine. This financial package also included $100 million relief pledges by the United Kingdom. The World Bank also announced that they will announce a further package of $3 bn in the coming months. IMF managing director Kristalina Georgieva in a statement said: "The Russian military invasion of Ukraine has been responsible for a massive humanitarian and economic crisis. The tragic loss of life, huge refugee flows, and immense destruction of infrastructure and productive capacity are causing severe human suffering and will lead to a deep recession this year. Financing needs are large, urgent, and could rise significantly as the war continues." These funds will be disbursed under IMF's Rapid Financing Instrument.