Ukraine received the first tranche of $2.7 billion earlier this month, and expects to receive two additional tranches totaling $1.8 billion…reports Asian Lite News
Ukraine will receive a total of $4.5 billion from the International Monetary Fund (IMF) this year as Russia continues its full scale invasion of Kiev, the war-torn country’s Finance Ministry said.
Ukraine received the first tranche of $2.7 billion earlier this month, and expects to receive two additional tranches totaling $1.8 billion.
After his meeting with IMF Managing Director Kristalina Georgieva at the Spring Meetings of the IMF and the World Bank, Ukrainian Finance Minister Serhiy Marchenko said the new Extended Fund Facility program endorsed by the global lender last month “will make a significant contribution to the financing of this year’s budget deficit and will create the underpin for the reconstruction of the country and its accession to the European Union”.
Last month, the IMF approved a four-year Extended Fund Facility program for Ukraine in the amount of $15.6 billion to support the country’s stability and economic recovery.
Meanwhile, In an effort to support its farmers, who claim they are losing a lot of money as a result of an oversupply of Ukrainian grain on the market, the Polish government announced it will temporarily forbid grain and other food imports from Ukraine, according to Al Jazeera.
The administration declared that the import restrictions would be in place until June 30. Imports of sugar, eggs, meat, milk, other dairy products, fruits, and vegetables are also prohibited by the legislation.
Jaroslaw Kaczynski, the head of the ruling party in Poland, claimed that despite Poland’s support for Ukraine, it was compelled to take action to defend its farmers as the Polish countryside is currently experiencing a “period of crisis.”
“Today, the government has decided on a regulation that prohibits the importation of grain, but also dozens of other types of food, to Poland,” Al Jazeera quoted Kaczynski as saying at a party convention in eastern Poland on Saturday.
However, the Ukrainian side expressed regret over the decision of the Poland government and said that it is the Ukrainian farmers who are under a massive crisis.
“Polish farmers are facing a difficult situation, but we emphasise that Ukrainian farmers are facing the most difficult situation”, it said.
The ministry suggested that the two nations reach a fresh, amicable arrangement in the upcoming days.
Farmers in nearby nations have also expressed concern over Ukrainian grain flooding their nations, causing a surplus that has down prices and forced them to suffer significant losses.
Russia’s conflict with Ukraine is to blame for the current scenario. The European Union removed tariffs on Ukrainian grain to ease its transportation to Africa and the Middle East after Moscow blocked conventional export sea routes.
The Russia-Ukraine war that started on February 24 has taken numerous lives and the war continues to escalate between the two nations even now. The biggest land conflict in Europe since the Second World War has displaced millions leaving Ukrainian cities, towns and villages in ruins and disrupting the global economy.