Great Britain is ready to provide Ukraine with additional credit guarantees of $500 million. After that, the total amount of such guarantees will reach one billion dollars.
Reuters writes about this with reference to the statement of the Minister of Finance of Great Britain Jeremy Hunt.
According to him, British credit guarantees were important for securing a four-year support package for Ukraine from the IMF for $15.6 billion.
"This funding will increase Ukraineʼs economic stability and strengthen its resistance to Russia," Hunt said.
As of February 24, 2022, Great Britain has pledged a total of $8.1 billion in support to Ukraine. The loan guarantees provided will help finance Ukrainian public services, including schools and hospitals.
Hunt also announced an additional $670 million for the IMFʼs Poverty Reduction and Growth Trust Fund and $3.3 billion for the IMFʼs Resilience and Sustainable Development Trust Fund, which supports energy and climate change projects.
The IMF on March 11 upgraded its forecast for the UK economy, but still expects its GDP to contract more this year than any other major Western economy.
According to the IMF, inflation in the United Kingdom will average 6.8% this year. This is lower than the 9.1% in 2022, but higher than the projected 5.3% for the Eurozone.
- On April 3, Ukraine received the first tranche from the International Monetary Fund under the new extended financing program.
- On April 6, the International Monetary Fund predicted the weakest global economic growth in more than three decades. The IMF says that the world economy will grow by about 3% in five years.