The International Monetary Fund’s executive board has approved $1.4bn in emergency financing for Ukraine, and predicted a “deep recession” in Ukraine this year.
In a statement, it expressed its “strong support for the Ukrainian people”.
IMF managing director Kristalina Georgieva said once the war is over, the country is likely to need additional “large support”.
“The Russian military invasion of Ukraine has been responsible for a massive humanitarian and economic crisis.
“Financing needs are large, urgent, and could rises significantly as the war continues.”
Vladyslav Rashkovan, Ukraine’s alternate executive director, gave an emotional speech at the board meeting about the devastation caused by the war and the impact on Ukrainians, Reuters reported. His remarks were met with spontaneous applause, a rare event at these meetings.