IMF approves $15.6 billion loan for Ukraine

Russia-Ukraine war: The new Extended Fund Facility would allow the immediate disbursement of around $2.7 billion to Ukraine.

The International Monetary Fund's executive board on Friday approved a four-year $15.6 billion financing package for Ukraine as part of a $115 billion total international support package, as Russia's invasion stretched into a second year, the IMF said.

Russia-Ukraine war: Smoke emanates from multiple buildings after shelling in the Donetsk region. (File / AFP)

The decision is expected to mobilize large-scale concessional financing from Ukraine’s international donors and partners to help resolve Ukraine’s balance of payments problem, attain medium-term external viability, and restore debt sustainability, the fund said in a statement.

It said the new Extended Fund Facility would allow the immediate disbursement of around $2.7 billion to Ukraine.