WASHINGTON: The International Monetary Fund said on Friday its executive board has approved a new food shock borrowing window under its existing emergency financing instruments to help vulnerable countries cope with food shortages and high costs stemming from Russia’s war in Ukraine.

The IMF said the Food Shock Window will be open for one year through is Rapid Credit Facility and Rapid Financing Instr­ument programs for countries with urgent balance of payment needs that “are suffering from acute food insecurity, a sharp food imports shock, or from a cereals export shock.” The IMF’s announcement did not mention any specific countries that would be eligible for low-condition emergency loans under the new window.

IMF European Depar­tment director Alfred Kammer said last week that Ukraine could receive another $1.3 billion in emergency financing from the new food shock window after its approval.

He said the Fund was discussing with Ukrainian authorities a new macroeconomic stabilization framework that would help the war torn country identify external financing needs.

Published in Dawn, October 1st, 2022

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