IMF expands Rapid Financing Instrument to provide more emergency financing to Ukraine

IMF expands Rapid Financing Instrument to provide more emergency financing to Ukraine

The IMF’s Executive Board approved on September 30 a new window under its emergency financing instruments, which will allow Ukraine to request a new disbursement under Rapid Financing Instrument.

That’s according to the National Bank of Ukraine, Ukrinform reports.

“The Fund’s new financing window – the so-called food shock window – will provide additional access to emergency financing to countries that have urgent balance of payments needs arising from the food crisis around the world,” the report reads.

Ukraine is planning to make use of this new window and will request about USD 1.3 billion in additional aid from the IMF, says the NBU.

Read also: IMF could start new cooperation program with Ukraine next year

"Under this facility, Ukraine will request about USD 1.3 billion in emergency financing from the IMF. Pending, the IMF’s Executive Board approval, these funds could arrive as soon as October.  We are grateful to the IMF for the assistance. We appreciate this support and the Fund’s rapid response in early March, when it allocated USD 1.4 billion in additional funding,” the central bank notes, adding that it also hopes for a new full-fledged IMF program for Ukraine to start “as soon as possible.”

“We are ready to implement such a program, even in the face of uncertainty as the war grinds on," NBU Governor Kyrylo Shevchenko emphasized.

Memo. The RFI opens up quick access to financial assistance for countries that urgently need to close their balance of payments gaps, in particular those arising from war.

Sign up for our free newsletter

Let’s get started read our news at facebook messenger > > > Click here for subscribe

While citing and using any materials on the Internet, links to the website not lower than the first paragraph are mandatory. In addition, citing the translated materials of foreign media outlets is possible only if there is a link to the website and to the website of a foreign media outlet. Citing and using materials in offline media, mobile apps, Smart TV are allowed only with written permission from Ukrinform. News and publications marked as "Advertisement" and "PR" and articles in the section "Releases" include promoted content, and an advertiser is responsible for the content.

© 2015-2023 Ukrinform. All rights reserved.

Website design Studio Laconica

Extended searchHide extended search
By period: