WASHINGTON: The International Monetary Fund said Thursday it will disburse $880 million to Ukraine in the third phase of a $15.6 billion aid package approved last year as Kyiv fights the Russian invasion.

The aid, announced almost two years to the day after Russian forces poured across the border, must still be approved by the IMF executive board.

“Performance under the program has been strong despite the challenges of the war,” said Gavin Gray, the head of an IMF team that met recently with Ukrainian officials in Warsaw.

The team assessed the goals established a year ago when the four-year aid package was approved.

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“The authorities met all but one of the quantitative performance criteria – a small miss on tax revenues owing to border blockades – and all four structural benchmarks due for the review,” Gray said.

The IMF team said Ukraine will need $486 billion to rebuild from the war.