Ukraine Secures $1.1 Billion in IMF Support

Ukraine received $1.1 billion from the IMF to support key budget expenditures. This adds to the $5.4 billion already received this year. The country relies on foreign aid for social and economic support as it fights Russia. Domestic revenue focuses on security and defense.

Ukraine received a significant financial boost as the International Monetary Fund disbursed $1.1 billion, aimed at supporting its key budget expenditures, Prime Minister Denys Shmyhal announced on Monday.

According to Finance Minister Serhiy Marchenko, this payment forms part of Ukraine's total intake of $5.4 billion from the IMF this year. Kyiv leans heavily on international aid to sustain its social expenditure and to fortify its economy while battling the invading Russian forces.

Ever since the full-scale invasion by Moscow commenced in February 2022, Ukraine has strategically allocated its domestic revenues towards its security and defense, underlining the vital role of foreign financial aid.

(With inputs from agencies.)