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IMF approves $1.1bn budget to support Ukraine

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The IMF’s executive board approved a $1.1 billion payout for Ukraine on Friday, which it says will be used to provide budget support to the war-torn country.

The loan disbursal is the latest tranche of funding the International Monetary Fund has released to Ukraine as part of an ongoing 4-year, $15.5 billion program approved last March.

The approval of the Fund’s fifth loan review brings the total amount disbursed to Ukraine since then to $8.7 billion.

“Russia’s war in Ukraine continues to bring a devastating social and economic toll on Ukraine,” IMF Managing Director Kristalina Georgieva said in a statement.

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“Despite the war, macroeconomic and financial stability is being preserved through skilful policymaking by the Ukrainian authorities as well as substantial external support,” she added.

“The economy has remained resilient, despite significant damage to the energy infrastructure, reflecting the continued adaptability of households and firms.”

The IMF announced that Ukraine had met all of the relevant targets, including structural reforms relating to tax privileges, public companies, and customs reform.

Ukraine’s economy had been “more resilient than expected” in the first half of the year, with good domestic data “bolstered by continued sizeable external support,” according to the IMF.

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But it warned that the outlook through the end of next year had worsened, “largely due to sustained Russian attacks on Ukrainian energy infrastructure and uncertainty about the war.”

It added that the economic outlook remained subject to “exceptionally high uncertainty.”

AFP

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US Secretary of State Rubio to meet Ukrainian counterparts in Saudi Arabia this week

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The US Department of State announced on Sunday that Secretary of State Marco Rubio will travel to Saudi Arabia from March 10-12 to hold discussions with his Ukrainian counterparts.

A statement from spokesperson Tammy Bruce mentioned that Rubio will also meet with Saudi Crown Prince Mohammed bin Salman.

After his time in Saudi Arabia, Rubio will head to Canada for the G7 foreign ministers’ meeting scheduled for March 12-14.

It’s worth noting that Rubio had a conversation with Ukrainian Foreign Minister Andrii Sybiha on Friday, during which he expressed that President Donald Trump aims to bring the Russia-Ukraine conflict to an end as soon as possible.

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Trump had halted military assistance and intelligence sharing with Ukraine following a dispute with Ukrainian President Volodymyr Zelenskyy on February 28.

Zelenskyy has also confirmed plans to visit Saudi Arabia for a Monday meeting with Mohammed bin Salman, with Ukrainian diplomatic and military representatives set to meet the U.S. team on Tuesday.

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Russia releases 870 drones, 80 missiles on Ukraine

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Ukrainian President Volodymyr Zelenskyy reported that Russia conducted over 2,100 aerial bomb attacks on Ukraine in the past week.

In a post on his X account on Sunday, Zelenskyy also stated that Russian forces launched nearly 870 attack drones and more than 80 missiles of various types at Ukraine.

The Ukrainian leader emphasized that many of Russia’s weapons depend on foreign-made components.

“Throughout this week, Russia has carried out hundreds of attacks against our people using various types of weapons: around 1,200 guided aerial bombs, nearly 870 attack drones, and over 80 missiles of different types,” Zelenskyy wrote.

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“Every Shahed drone and aerial bomb Russia uses contains components supplied in circumvention of sanctions. These weapons include more than 82,000 foreign components.

“Every day, we work with our partners to ensure that decisions are made to provide life-saving support: air defense systems, investments in our defense production, and the strengthening of sanctions against Russia.

“We continue our efforts to bring a just peace closer and ensure reliable security guarantees.”

Ukraine and Russia have been engaged in conflict for more than three years since Russian President Vladimir Putin launched a full-scale military operation in Ukraine in February 2022.

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Forget it, we can never be part of US, new Canada PM Carney hammers Trump

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The newly elected leader of the Liberal Party of Canada, Mark Carney sharply criticised United States President Donald Trump in his victory speech on Sunday, Forbes reported.

Carney rejected Trump’s suggestion that Canada should become the 51st US state, declaring that “Canada will never, ever… be a part of America in any way, shape or form.”

The economist, who previously served as governor of both the Bank of Canada and the Bank of England, also condemned Trump’s trade policies, accusing the US president of attempting to weaken Canada’s economy through unjustified tariffs.

Carney warned that if Trump succeeded in his objectives, it would lead to the destruction of Canada’s way of life.

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The prime minister-designate said the Americans “want our resources, our water, our land, our country…if they succeeded, they would destroy our way of life.”

Carney, speaking on the U.S. healthcare system, saying, “In America, healthcare is a big business…in Canada it is a right.”

The newly elected leader, who won the leadership race with nearly 86 percent of the vote, vowed to maintain retaliatory tariffs against the US “until the Americans show us respect.”

He framed Canada’s response as part of a broader effort to protect the country’s resources, economy, and sovereignty.

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Carney is poised to take over from Justin Trudeau as Canada’s prime minister after being sworn in by the country’s Governor General.

Trudeau announced his decision to step down earlier this year, facing pressure from his own party. Following his swearing-in, Carney is expected to call for an early federal election.

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