17 minutes agoIMF: Ukraine economy to shrink 10% due to Russian occupation
Periskopi(4 years ago)
(4 years ago)Ukraine's economy will shrink by 10 per cent this year as a result of Russia's invasion, but prospects could significantly deteriorate if the war, the International Monetary Fund (FMN) said in a report published today. The report, prepared before IMF approval of $1.4 billion in emergency financing for Ukraine, warns that [...]
The report, prepared ahead of the IMF's approval of $1.4 billion in emergency financing for Ukraine, warns that the country's economic output could shrink by 25% to 35%, based on Bruto's local production data from Iraq, Lebanon and other countries in war.
Ivana Vladova Hollar, IMF mission chief for Ukraine, said Ukrainian authorities were making an extraordinary “effort to keep the country's economy and financial system functioning in the face of war.
Also on Monday, the World Bank announced it will allocate nearly $200m in additional funds to increase social services for vulnerable people in Ukraine, except for $723m approved last week.
It comes as part of a $3 billion support package the World Bank announced earlier that it was preparing for Ukraine over the coming months.
