IMF says Ukraine has $42 billion in budget needs this year

Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), speaks at a press conference following a meeting with the heads of the five major international economic and financial organizations. According to the International Monetary Fund (IMF), the Ukrainian government will need $42 billion in budget support this year amid the ongoing Russian invasion. Britta Pedersen/dpa

According to the International Monetary Fund (IMF), the Ukrainian government will need $42 billion in budget support this year amid the ongoing Russian invasion.

"We have confidence that this need would be met," IMF chief Kristalina Georgieva said on Thursday in Washington at the IMF and World Bank spring meetings.

She praised the remarkable determination of Ukrainians and said support for the country remains stable as it continues to fight against Russian forces.

But she said the best outcome for the world would be an end to the war in Ukraine, and an end to the war in the Gaza Strip as well.

The IMF is supporting Ukraine with a loan programme that was approved around a year ago. It has a term of four years and is intended to give Ukraine access to $15.6 billion.

A few weeks ago, the IMF approved a further financial injection for Kiev from the programme, enabling the country to withdraw $880 million.

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