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Wednesday, March 29, 2023

The IMF has changed its rules for granting a loan to Ukraine

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The board of directors of the International Monetary Fund (IMF) has approved rule changes that will allow countries like Ukraine to receive loans, reports TASS, citing a financial institution.

The IMF will provide loan programs to states experiencing “external shocks beyond the control of the country’s authorities and the reach of their economic policy”. At the same time, it is stated that the Fund will consider each case individually.

The organization does not speak directly about Ukraine, but the innovations were developed in parallel with negotiations between Kiev and the IMF. Nezalezhnaya requests a $15 billion line of credit.

Russian Executive Director at the IMF, dean of the organization’s board of directors Alexei Mozhin explained to TASS that the Fund has never in its history granted a loan to a country which is in an acute phase of confrontation with another State. But in the case of Ukraine, many debt repayment guarantees are provided by its partners: the United States, Canada and the European Union. According to Mozhin, upon approval of the loan program, the fund “will provide direct financing of Ukraine’s military expenditure.”

Earlier, the regional head wrote that at the end of last year the IMF tightened the conditions for Ukraine to receive money in 2023.

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