IMF approves $1.4B emergency funding for Ukraine

By Aysu Bicer

ANKARA (AA) - The International Monetary Fund (IMF) has approved $1.4 billion in emergency funding for Ukraine amid the ongoing war with Russia.

This figure is equivalent to 50% of Ukraine’s quota in the IMF and will provide critical support in the short term, an IMF statement said Wednesday.

At least 516 civilians have been killed and 908 others injured in Ukraine since Russia launched the war against its neighbor on Feb. 24, according to UN figures, with the real toll feared to be higher.

More than 2.3 million people have fled Ukraine to neighboring countries, according to the UN refugee agency.

"The Russian military invasion of Ukraine has been responsible for a massive humanitarian and economic crisis," said IMF Managing Director Kristalina Georgieva.

"This should be instrumental in catalyzing the large-scale mobilization of additional concessional financing that will be required to help fill the financing gap and mitigate the economic impacts of the war," she said.

She also noted once the war is over and a proper damage assessment can be performed, additional large support is likely to be needed to support reconstruction efforts.