IMF Downgrades Ukraine's Growth Outlook, OKs $2.2 Billion Payout Under Loan Program

The executive board of the International Monetary Fund (IMF) voted on June 28 to approve a $2.2 billion payout for Ukraine under an existing loan program and lowered its growth outlook following "devastating" Russian attacks on the country's energy infrastructure. The IMF said in a statement that the funds bring the total amount disbursed under the loan agreement to around $7.6 billion. The international lender said it expects Ukraine's economy to grow by between 2.5 percent and 3.5 percent this year and reach 5.5 percent in 2025, down sharply from the earlier projection of 6.5 percent. IMF Managing Director Kristalina Georgieva said that, despite the war, macroeconomic and financial stability has been preserved through "skillful policymaking by the Ukrainian authorities as well as substantial external support."