IMF provides Ukraine with $16 billion multi-year aid package

Bloomberg reports, citing sources.

Interlocutors claim the implementation of the program depends on a number of conditions. They include the support of the Group of Seven countries, as well as donors and creditors of Ukraine, which guarantee the stability of the country's debt.

Sources, which spoke on condition of anonymity, state the plan would also require changes in IMF lending rules to allow the fund to lend to the war-torn country. The government in Kyiv would have to commit to many policies, in addition to successfully completing the four-month IMF program approved last year.

However, if the three-four-year, $14 billion to $16 billion program is approved, the newspaper says, it will receive $5 billion to $7 billion in the first year. It is hoped that the plan will be agreed upon by the end of March and the first tranche will be disbursed in April at the earliest.

At the beginning of the year, the International Monetary Fund said that 2023 would be harder for the global economy than 2022, as the three major economies, the US, EU and China, are slowing down simultaneously.