(Bloomberg) -- The International Monetary Fund’s board approved $1.4 billion in emergency financing for Ukraine as Russia’s invasion savages the nation’s economy.

The funds come from the institution’s Rapid Financing Instrument, the IMF said in a statement on Wednesday. While Ukraine’s economic outlook is subject to extraordinary uncertainty, the economic consequences of the war are very serious, with more than 2 million refugees in less than two weeks and large-scale destruction of key infrastructure, it said.

Ukrainian authorities canceled their stand-by arrangement with the fund, which had $2.2 billion remaining to pay out. Board members last month had questioned whether they had leeway under fund rules to approve more disbursements from that loan based on the political and economic uncertainty caused by the war, people familiar with the matter said last month.

The emergency loan approved on Wednesday comes mostly without the conditions on the borrower country normally required by the fund.

The IMF also said on Wednesday that Ukrainian authorities have expressed their interest to work with the fund to design an economic program aimed at rehabilitation and growth when conditions permit. Ukraine’s prior program, which was for $5 billion and had already paid out $2.8 billion since 2020, included pledges to safeguard central bank independence and tackle corruption.

Read more: IMF Sees ‘Severe Impact’ on Global Economy From War, Sanctions

The fund on Saturday warned that the war and the subsequent sanctions imposed on Russia will have a “severe impact” on the global economy. Ukraine will face “significant recovery and reconstruction costs,” the IMF said, noting that “substantial” economic damage had already been wrought by the war.

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