The IMF has approved a USD 15.6 bln aid package for Ukraine, marking the fund’s first-ever loan to a nation at war. The four-year loan will be disbursed immediately with USD 2.7 bln. The loan consists of two phases; the first, lasting 12-18 months, will focus on strengthening fiscal, external, price, and financial stability, with monetary financing eliminated. The second phase will focus on reconstruction and macroeconomic stability. The IMF loan is part of a USD 115 bln international package that includes USD 80 bln from multilateral and bilateral donors and USD 20 bln in debt-relief commitments.