Live Updates | IMF creates secure way to funnel Ukraine aid

The International Monetary Fund has created an account to give donor countries a secure way to funnel financial assistance directly to war-ravaged Ukraine

BOSTON -- The International Monetary Fund has created an account to give donor countries a secure way to funnel financial assistance directly to war-ravaged Ukraine.

The multilateral lender said in a statement Friday that it’s launching the account at the request of several member countries.

The goal is to help Ukraine meet its payment obligations and help stabilize its economy using loans or grants from pooled resources.

The IMF says Canada has proposed routing up to 1 billion Canadian dollars ($795 million) to Ukraine through the new account.