The Executive Board of the International Monetary Fund (IMF) yesterday approved a four-year financial package for Ukraine in the amount of $15,6 billion, as part of an international support package totaling $115 billion in the second year of the Russian invasion, the monetary institution said.

This decision is expected to mobilize large-scale concessional financing from Ukraine's international donors and partners to help solve Ukraine's balance of payments problem, achieve medium-term external sustainability and restore debt sustainability, the statement said. of the IMF.

The new Extend Fund Facilities (EFF) will enable the immediate payment of about 2,7 billion dollars to Ukraine, they added, Hina reported.

With this, the Board of the IMF ratified the agreement reached on March 21, after several months of negotiations between the representatives of the IMF and the Ukrainian authorities.

The EFF is the first major financial program approved by the IMF for a country affected by a large-scale war. The previous IMF program for Ukraine of five billion dollars expired last year.

- The economic and social impact of the Russian invasion on Ukraine is devastating - said the first deputy director Gita Gopinath.

Ukrainian President Volodymyr Zelensky welcomed the IMF's decision on Twitter.

"It is a great help in our fight against Russian aggression. Together we will support the Ukrainian economy. We are going to win," he wrote.

The $115 billion financial package includes an IMF loan, $80 billion in aid and loans from other countries and debt forgiveness of up to $20 billion.