IMF approves $880 million aid to Ukraine as US support remains in limbo
IMF
The International Monetary Fund (IMF) has given the green signal for an $880 million disbursement to Ukraine, offering a critical financial lifeline to the country, Bloomberg News reported.
This move comes at a crucial time when aid from the US, Ukraine's primary ally, is still pending.
The decision was made by the IMF's executive board on Thursday, approving the initial instalment of more than $5.3 billion set to be released to Kyiv this year.
The IMF's ongoing financial assistance to Ukraine is part of a four-year loan program, totalling $15.6 billion, which was initiated a year ago.
Despite facing challenges from the Russian invasion that has lasted over two years, Ukraine continues to receive support from the IMF.
However, the sustainability of the program remains uncertain due to delays in US aid.
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Bloomberg cited Gavin Gray, the IMF's Ukraine mission chief, who said that continued support from external partners was still important.
He stated, “Without those resources, the hard-won macroeconomic stabilisation gains could be jeopardised.”
This latest disbursement from the IMF is set to boost Ukraine's international reserves, pushing it well beyond $40 billion. T
his milestone marks a historic high for the nation's financial reserves, with the country's central bank anticipating an additional $10 billion in foreign aid by May, including the IMF disbursement.
Despite these positive developments, Ukraine faces a challenging situation as it awaits over $61 billion in aid from the US.
These funds, which include military assistance, have been held up in Congress due to Republican demands for reforms in US immigration policy.
This delay has created a dilemma for Ukraine, which relies heavily on international aid to address its urgent financial and security needs.
Looking ahead, the IMF is set to review another disbursement for Ukraine in mid-June.
If the Ukrainian government meets certain conditions, it stands to receive more than $2.2 billion in the next instalment of financial assistance.
(With inputs from Bloomberg)