IMF Approves $1.4 Billion in Aid for Ukraine

The International Monetary Fund (IMF) Wednesday approved $1.4 billion in emergency financing for Ukraine to help meet urgent spending needs as Russia’s invasion savages the country’s economy.

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

IMF's executive board also expressed its "strong support for the Ukrainian people."

The disbursement under the IMF's Rapid Financing Instrument (RFI), equivalent to 50% of Ukraine's quota in the IMF, would help fund urgent spending needs in the short term while helping to catalyze financing from other partners.

The RFI offers rapid funding to IMF member countries without the need for a full-fledged program. Members can use the RFI repeatedly within any three-year period if the balance of payments needed is caused by an exogenous shock.