The International Monetary Fund (IMF) on Wednesday approved a $1.4 billion emergency loan for Ukraine to help mitigate the economic impact of Russia President Vladimir Putin’s invasion. “The Russian military invasion of Ukraine has been responsible for a massive humanitarian and economic crisis,” IMF Managing Director Kristalina Georgieva said in a statement after a meeting the fund’s executive board. Georgieva predicted a deep recession in Ukraine this year amid the “tragic loss of life, huge refugee flows, and immense destruction of infrastructure and productive capacity.” “Financing needs are large, urgent, and could rise significantly as the war continues,” she said. Once the war is over, Ukraine is likely to need additional “large support,” she said. In a statement, the IMF said the funds come from its Rapid Financing Instrument (RFI), and will help fund urgent spending needs in the short term, while helping to catalyze financing from other partners. The …
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