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IMF praises Ukraine’s resilience as country pushes for $15B loan

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IMF praises Ukraine’s resilience as country pushes for B loan

The Worldwide Financial Fund has praised Ukraine’s financial resilience within the face of Russian aggression because the war-torn nation pushes for a $15-billion mortgage to cowl its funds deficit.

It comes as Kristalina Georgieva, the IMF’s managing director, returns from a go to to Kyiv the place she met with President Volodymyr Zelenskyy and Prime Minister Denys Shmyhal, amongst different high officers.

“My most necessary takeaway from the go to to Ukraine is that the Ukrainian financial system is functioning and that Ukrainian persons are sturdy,” Georgieva informed Euronews in a video interview after the journey.

“What we’ve seen during the last months is (Ukraine’s) willpower to take the fitting choices on the coverage entrance and to help the revitalisation of the financial system.”

Georgieva highlighted three key areas through which Ukraine has made progress: fiscal coverage, financial coverage and the combat in opposition to corruption.

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“On fiscal coverage: final yr, they collected over 36% of GDP in taxes. For anyone who is aware of a rustic affected by battle, that is completely astonishing,” the IMF chief stated.

“They’ve stored inflation at bay at 25%. That is excessive, however by far not as excessive because it may have been within the absence of sturdy financial coverage.”

The IMF estimates that after struggling a 30% GDP contraction in 2022, Ukraine will enter a gradual restoration this yr because the nation continues to regulate to the brand new regular below Russia’s brutal invasion.

“What I heard from the enterprise group is definitely various optimism,” Georgieva stated.

“Why? As a result of they’ve tailored to a special modus operandi, as a result of they see the federal government being efficient in resolving issues once they happen.”

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Kyiv insists it wants dependable and constant Western help to plug the $38 billion deficit in its annual funds, exacerbated by a drastic fall in exports, mind drain and rising unemployment.

The European Union has pledged to ship €18 billion in monetary help over the course of 2023 whereas the US additionally plans to assist out.

However each allies are unlikely to cowl your complete deficit, main Kyiv to hunt assist from the IMF in hopes of securing a multi-year mortgage.

Prime Minister Shmyhal has stated the mortgage must be value at the very least $15 billion and canopy rapid budgetary wants and the post-war reconstruction.

The IMF has to this point refused to offer a precise quantity, however final week stated a staff-level settlement had been reached between the events, paving the best way for a “fully-fledged” help programme.

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The help would require the approval of the fund’s government board.

Because the begin of Russia’s invasion, the IMF has disbursed two tranches of emergency funds – $1.4 billion in March and $1.3 billion in October –, along with establishing a donor-backed channel.

EU accession will take a ‘very long time’

As Ukraine works to maintain its financial system operating and restore its bombed-out energy grid, Zelenskyy has vowed to finish all the mandatory reforms to kick-start EU accession talks already in 2023.

The nation was granted candidate standing in the summertime following an intense public marketing campaign.

“After I say this yr, Charles, I imply this yr, 2-0-23,” Zelenskyy informed European Council President Charles Michel earlier this month throughout an in-person go to to Brussels.

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Georgieva, a former European Commissioner herself, stated the IMF was able to help Ukraine in its path to hitch the bloc however famous the method would however take a “very long time.” 

“Becoming a member of the European Union requires alignment of all insurance policies and establishments, and that isn’t going to occur in a single day,” the Bulgarian economist informed Euronews.

“However what I can inform you is that I’m fairly assured that they are going to begin the EU accession course of on time. They’re aiming for the autumn of 2023 and I’m wanting into methods through which we, the IMF, can help them in that regard.”

Requested in regards to the impact of EU sanctions on Russia, the IMF chief stated they have an effect however that the “greatest influence comes from the battle itself.”

“It has harmed the world financial system. It has harmed the Russian financial system as effectively,” she famous.

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Regardless of Moscow’s coverage to shift power exports from Western shoppers to non-sanctioning nations, Georgieva stated Russia will see a “potential lack of as much as 9% of GDP between now and 2027” because of the invasion.

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China's CATL launches EV chassis, flagging safety as top selling point

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China's CATL launches EV chassis, flagging safety as top selling point
China’s CATL , the world’s largest electric vehicle battery maker, on Tuesday launched a new EV chassis that it says can withstand a 120-kph (75-mph) frontal impact without catching fire or exploding, as it touts safety as a key selling point.
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SEE IT: China stuns with maiden flight of sixth-generation aircraft

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SEE IT: China stuns with maiden flight of sixth-generation aircraft

China appears to have conducted the maiden flight of its new sixth-generation fighter aircraft, marking a significant milestone in the ever-evolving landscape of fighter jets.

Video and photos from social media showed the previously unseen aircraft conducting a daytime test flight, alongside a two-seat Chengdu J-20S fighter, which served as a chase plane.

The planes were soaring high in Chengdu, Sichuan, China on Dec. 26, which is notably the birthday of the founding father of the People’s Republic of China, Mao Zedong.

CHINA UNVEILS WORLD’S LARGEST AMPHIBIOUS WARSHIP

Chinese military aircraft fly in Chengdu, Sichuan, China, in this screengrab taken from a social media video released on December 26, 2024.  (Social Media/via REUTERS)

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Photos and video of the tailless Chinese aircraft came as the U.S. continues to work on developing its Next Generation Air Dominance (NGAD) fighter jet.

The NGAD fighter jet is intended to replace the F-22 Raptor, a fifth-generation stealth combat aircraft that has been in service with the U.S. Air Force since the early 2000s.

CHINA WARNS US TO STOP ARMING TAIWAN AFTER BIDEN APPROVES $571M IN MILITARY AID

Fifth generation aircraft incorporated stealth technology, with the sixth generation aircraft promising further advancements.

Chinese military aircraft fly in Chengdu, Sichuan, China

Chinese military aircraft fly in Chengdu, Sichuan, China, in this screengrab taken from a social media video released on December 26, 2024.  (Social Media/via REUTERS)

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This new aircraft is the latest in a series of milestones for China’s aviation. At the Zhuhai Airshow, China unveiled the J-35A fifth-generation fighter jet and the J-15T fighter. 

Fox News Digital has reached out to China’s Ministry of Defense for comment.

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One in six children live in conflict zones this year: UNICEF

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One in six children live in conflict zones this year: UNICEF

About 473 million, or more than one in six children, are estimated to live in conflict areas worldwide, according to the United Nations children’s agency.

UNICEF’s statement came on Saturday as conflicts continue to rage around the world, including in Gaza, Sudan and Ukraine, among other places.

In Israel’s devastating war on Gaza in particular, at least 17,492 children have reportedly been killed in nearly 15 months of conflict that has reduced much of the enclave to rubble.

“By almost every measure, 2024 has been one of the worst years on record for children in conflict in UNICEF’s history – both in terms of the number of children affected and the level of impact on their lives,” said UNICEF Executive Director Catherine Russell.

According to Russell, a child growing up in a conflict zone is far more likely to be out of school, malnourished, or forced from their home compared with a child living in places with no conflict.

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“This must not be the new normal. We cannot allow a generation of children to become collateral damage to the world’s unchecked wars,” the director said.

 

The proportion of children living in areas of conflict has doubled – from about 10 percent in the 1990s to almost 19 percent today, UNICEF said.

According to the report, 47.2 million children were displaced due to conflict and violence by the end of 2023.

The trends for 2024 indicate a further increase in displacement because various conflicts have intensified, including in Haiti, Lebanon, Myanmar, the Palestinian territories and Sudan.

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Additionally, in the latest available data, from 2023, the UN verified a record 32,990 grave violations against 22,557 children – the highest number since UN Security Council-mandated monitoring began, UNICEF said.

There is an overall upward trend in the number of grave violations, with this year likely to see another increase, as “thousands of children have been killed and injured in Gaza, and in Ukraine”, the agency said.

Sexual violence against children has surged, their education has been affected, children’s malnutrition rates have risen and armed conflicts have taken a larger toll on children’s mental health, UNICEF also reported.

“The world is failing these children. As we look towards 2025, we must do more to turn the tide and save and improve the lives of children,” Russell said.

Gaza’s children ‘cold, sick, traumatised’

In Gaza – where the Israeli military has killed more women and children in the past year than in any recent conflict over a single year, Oxfam reported in September – the ongoing war is a “nightmare” for children, UNICEF Communication Specialist Rosalia Bollen said last week at a media briefing.

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“Children in Gaza are cold, sick and traumatised,” Bollen said last Friday.

About 96 percent of women and children in Gaza cannot meet their basic nutritional needs, she said, lamenting the lack of aid able to reach children in the Strip.

“Gaza must be one of the most heartbreaking places on Earth for humanitarians. Every small effort to save a child’s life is undone by fierce devastation,” said Bollen.

“For over 14 months, children have been at the sharp edge of this nightmare.”

Bollen said that many children in the besieged enclave don’t have winter clothes, have to resort to searching through rubbish for provisions and are plagued with diseases.

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She urged the use of political capital and diplomatic leverage to push for the evacuation of injured children and their parents to leave Gaza and seek medical care in East Jerusalem or elsewhere.

“This war should haunt every one of us. Gaza’s children cannot wait,” she pressed.

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