IMF approves $1.4 billion emergency support for Ukraine, central bank says

The International Monetary Fund (IMF) has approved $1.4 billion in emergency support for Ukraine to finance expenditures and shore up the balance of payments, Central Bank Governor Kyrylo Shevchenko said in a statement on Wednesday.

Ukraine has turned to financing from allies and international institutions to support its economy after the Russian invasion began on Feb. 24.

"We are immensely grateful to the IMF for its prompt response to our request. We look forward to completing all required procedures as soon as possible," Shevchenko said. "It is vital for Ukraine now that it has been going through such a horrible time."