The International Monetary Fund (IMF) on Tuesday approved some $15.6 billion to support Ukraine's economy amid Russia's full-scale invasion of the country.
"In addition to the horrific humanitarian toll, Russia's invasion of Ukraine continues to have a devastating impact on the economy," the IMF said in a statement.
"Activity contracted by 30 percent in 2022, a large share of the capital stock has been destroyed, and poverty levels have climbed."
The IMF and the government in Kiev had reached a staff-level agreement on the comprehensive loan program, the US-based lender said.
The 48-month arrangement under the Extended Fund Facility is intended to support Ukraine's economic and financial stability, restore debt sustainability, and support Ukraine's recovery on the path toward EU accession, the IMF said.
A gradual economic recovery was expected in Ukraine over the coming quarters, however "headwinds persist, including the risk of further escalation in the conflict," the IMF said.
The loan package is subject to approval by IMF management and board.
