Ukraine's economy could collapse and contract by as much as 35 per cent if Russia continues its war against the east European nation, the International Monetary Fund (IMF) said on Monday. It further said conflict may also jeopardise food security globally.
Russia's military campaign against its pro-West neighbour is in its third week now.
A staff report, prepared ahead of the IMF's approval of $1.4 billion in emergency financing, said Ukraine had an external financing gap of $4.8 billion, but its financing needs were expected to grow and it would require significant additional concessional financing.