PARIS - France’s finance minister called on Monday for a US$16 billion (S$21.3 billion) International Monetary Fund (IMF) programme to support Ukraine over the next four years as its economy reels from Russia’s invasion.

Mr Bruno Le Maire said France would also push for tougher sanctions against Moscow.

Speaking ahead of a meeting of G-20 finance ministers in India this week, Mr Le Maire said he wanted “us to work on an IMF programme for Ukraine which could be in the order of €15 billion (S$21.3 billion) over four years”.

“Beyond the support provided by Europe, beyond the support provided by G-7 countries, it is important that the IMF mobilises for Ukraine”, he said.

On Friday, the IMF said it had reached a staff-level agreement with the Ukrainian authorities paving the way to a fully fledged loan, which would also support the country’s bid to join the European Union.

The IMF said Ukraine would be able to request financial support after a “strong” performance meeting its targets.

The government in Kyiv submitted a package of draft tax laws to Parliament aimed at lifting revenues, and is taking steps to address arrears, among other efforts.

“In the framework of the G-7, we will also argue for a strengthening of economic sanctions against Russia”, Mr Le Maire added, describing the penalties as an effective “long-term weapon”.

Russia’s invasion of Ukraine a year ago has displaced millions of people, and global food and energy prices surged on the fallout from the war.

Ukraine’s economy contracted by 30 per cent last year, less severely than anticipated, but recovery and reconstruction have been estimated at hundreds of billions of dollars.

Apart from the IMF’s work with Ukraine, the World Bank has also mobilised over US$18 billion in emergency financing for the country, with more than US$16 billion disbursed through projects.

France’s finance ministry estimates that European financial aid to Ukraine has already reached €18 billion, including more than €3 billion in January alone. AFP