WASHINGTON, March 18 — The International Monetary Fund (IMF) said its executive board yesterday approved rule changes that would allow the IMF to approve new loan programmes for...
WASHINGTON, March 18 — The International Monetary Fund said its executive board yesterday approved rule changes that would allow the IMF to approve new loan programmes for countries facing ”exceptionally high uncertainty” — a move expected to pave the way for a new Ukraine loan programme.
Ukraine, which has been battling a Russian invasion for more than a year, is seeking an IMF financing package of around US$15 billion . But the Fund’s rules designed to deal with country economic crises did not allow for non-emergency loans to countries facing such massive uncertainties, such as from major wars or multi-year natural disasters induced by climate change.
The IMF statement did not mention Ukraine specifically, but the rule changes have been designed alongside negotiations with authorities in Kyiv over new financing.
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