The International Monetary Fund (IMF) has approved $1.4 billion in emergency support for Ukraine to finance expenditures and shore up the balance of payments. Ukraine has turned to financing from allies and international institutions to support its economy after the Russian invasion began on February 24.
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.
Important takeaways for all competitive exams:
- Ukraine Capital: Kyiv;
- Ukraine Currency: Ukrainian hryvnia;
- Ukraine President: Volodymyr Zelenskyy;
- Ukraine Prime minister: Denys Shmyhal.