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Ukraine to secure first IMF loan package due to wartime spending

Ukraine incurred a huge deficit mainly due to its enormous military spending, and had to rely on its central bank printing more money to loan to the government.

A Ukrainian solder stands guard during a presidential working trip to Kyiv this week (AN/President of Ukraine)

The International Monetary Fund agreed to loan Ukraine US$15.6 billion over four years in a show of support that helps the nation shoulder a massive wartime budget deficit and sends a signal to potential donors.

The Washington-based IMF, which provides emergency loans for nations to weather economic crises, is a backbone for the international monetary system and its 190 member nations.

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