Ukraine’s economy shows ‘resilience’ from Russian attacks, IMF says as it backs aid

By DAVID McHUGH
AP Business Writer

FRANKFURT, Germany (AP) — International Monetary Fund has  signed off on an initial loan of $900 million and raised its estimate for the country’s economic growth. Gavin Gray, the IMF’s mission chief to Ukraine, says the economy is showing “remarkable resilience” following Russian attacks on its electricity infrastructure. The outlook on Tuesday improved to 1% to 3% growth this year from minus 3% to plus 1% in an earlier assessment in March. Inflation is coming down and Ukraine’s currency is stable despite the massive disruption of the war. But Gray warned that the economic outlook faces “exceptionally high risks.” Ukraine’s economic output shrank by around 30% in 2022.