IMF to consider $1.3 billion emergency fund for Ukraine

The International Monetary Fund (IMF) board will consider Ukraine's request for an additional $1.3 billion in emergency funds on Thursday as Russia's war against the country continues, two sources familiar with the matter said.

IMF staff are preparing the necessary documentation and believe Ukraine has received sufficient financial assurances from its global partners to meet the IMF's debt sustainability requirements and qualify for more emergency funds, the sources told Reuters. If approved, the funds would come from a new emergency loan program to address food shortages approved by the board last week. International Monetary Fund staff will meet Ukrainian officials in Vienna during the week of October 17 for talks on Ukraine's budget plans and monetary policies, one of the sources said. The talks will follow high-level meetings at the World Bank and International Monetary Fund during their annual meetings next week. IMF officials praised the Ukrainian government and central bank for managing the economic shocks caused by Russia's invasion of the country in February. The IMF provided Ukraine with $1.4 billion in emergency aid in March, shortly after the war began. Ukrainian authorities are pushing for additional non-emergency funds under a full-fledged IMF loan program, but such a program could come later. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!