IMF approves $1.4 bln emergency funding for Ukraine

The International Monetary Fund said its executive board on Wednesday approved $1.4 billion in emergency financing for Ukraine to help meet urgent spending needs and mitigate the economic impact of Russia's military invasion.

The global lender said Ukrainian authorities had canceled an existing stand-by lending arrangement with the IMF, but would work with the fund to design an appropriate economic program focused on rehabilitation and growth when conditions permit.