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10:47 03 Aug 2021

Ukraine to receive $2.7 billion from the IMF for economic recovery in August

The International Monetary Fund has approved a new general allocation of special drawing rights (SDRs) for the recovery of the world economy in the amount of  650 billion, of which Ukraine will receive $2.7 billion.

Vladyslav Rashkovan, the IMF's deputy executive director, wrote about this on Facebook, Rubryka reports.

"In the evening of August 2, the IMF leaders finally approved by a majority vote the allocation of SDRs of $650 billion, of which Ukraine will receive more than $2.7 billion for free and unconditionally. The induction will take place on August 23," Rashkovan wrote.

He noted that it was an excellent gift for Ukraine, which it would receive before the 30th anniversary of independence.

As reported, the IMF Executive Board agreed with the proposal of the Managing Director of the Fund Kristalina Georgieva on a new general distribution of SDRs in the amount equivalent to 650 billion dollars (the largest distribution in the history of the IMF), to meet long-term global reserve needs during the deepest crisis since the Great Depression.

Georgieva promised to present this proposal for a new distribution of SDRs to the IMF Board of Governors for consideration and approval. Given the size of Ukraine's quota in the IMF (0.42%), our state can receive about 2.73 billion dollars.

Note

Special Drawing Rights (SDR) is an artificial reserve and payment instrument issued by the International Monetary Fund. It has only a non-cash form in the form of bank accounts. This means of payment was created by the IMF in 1969 in addition to the existing reserve assets of the Fund's member countries.

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