The International Monetary Fund (IMF) has approved a $ 1.4 billion emergency fund for Ukraine that has been attacked by Russia.
The funds were channeled by the IMF after predicting that Ukraine would experience a severe recession this year, in addition to an estimated more than 2 million people have left the country since the war began 2 weeks ago.
According to IMF managing director Kristalina Georgieva, Russia's attack on Ukraine has triggered a major humanitarian and economic crisis in Europe.
He added that the funds channeled were intended to meet Ukraine's spending needs and help mitigate the huge economic impact of the war.
In addition, the funds will be distributed under the IMF's Rapid Financing Instrument, under which most of the conditions normally imposed on borrower countries will not be implemented against Ukraine.
In addition to the IMF, the World Bank also approved a financial package of $ 732 million for Ukraine and plans to send more economic aid for the coming months.
The package includes grants and loans including a $ 100 million contribution by the United Kingdom (UK).
In addition, the World Bank is also working on a $ 3 billion support package for the next few months and promises additional assistance for neighboring countries that receive about 2 million refugees from Ukraine, who are mostly women, children and the elderly.
Meanwhile, the Ukrainian government is seen taking remedial measures to support the economic sector affected by the war crisis.
In the past week, Ukraine has raised $ 270 million through the sale of war bonds and is planning to issue non-fungible tokens (NFTs) to help fund its military.
