WASHINGTON: The executive board of the International Monetary Fund on Friday approved a four-year $15.6 billion financing package for Ukraine to help the country meet urgent funding needs as it continues to defend against Russia’s invasion, a source briefed on the decision told Reuters.

The loan is Ukraine’s biggest since Russia’s full-scale invasion on Feb. 24, 2022, and the first major package approved by the IMF to a country involved in an active conflict.

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The decision formalizes an IMF staff-level agreement reached with Ukraine on March 21 that takes into consideration Ukraine’s path to accession to the European Union after the war.

The agreement is expected to help unleash large-scale financing for Ukraine from international donors and partners, including the World Bank and other lenders.