The International Monetary Fund approved a $1.4 billion emergency loan for Ukraine on Wednesday as the country fends off a Russian invasion.

The financial institution predicts a “deep recession” for Ukraine this year and hopes the funding will mitigate the economic damage of the war.

“The Russian military invasion of Ukraine has been responsible for a massive humanitarian and economic crisis. The tragic loss of life, huge refugee flows, and immense destruction of infrastructure and productive capacity is causing severe human suffering and will lead to a deep recession this year. Financing needs are large, urgent, and could rise significantly as the war continues,” Kristalina Georgieva, the managing director of the IMF, said in a statement.

The money will be distributed through the IMF’s Rapid Financing Instrument, without conditions countries that borrow from the fund usually face.

WORLD BANK APPROVES $723 MILLION EMERGENCY FINANCIAL PACKAGE FOR UKRAINE

Many of the world’s financial powers have rushed in to help Ukraine in the wake of Russia’s punishing invasion.

The U.S. House of Representatives passed a $1.5 trillion government funding bill on Wednesday that includes $13.6 billion in measures to support Ukraine.

The World Bank announced on Monday that it had approved a $723 million emergency financial package for Ukraine. The”FREE Ukraine” package contains loans and grants pledged by the United Kingdom, Denmark, Latvia, Lithuania, Iceland, the Netherlands, and Japan.

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Russia’s bombardment of Ukrainian cities has caused at least $10 billion in damage to the country’s infrastructure thus far, Ukraine’s Infrastructure Minister Oleksandr Kubrakov said on Monday.

Original Location: IMF approves $1.4 billion loan for Ukraine

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