These funds will help overcome corona-crisis consequences – Zelenskyy on IMF tranche

A tranche of more than $2.7 billion from the International Monetary Fund will be a good gift to Ukraine on the eve of the 30th anniversary of Independence.

According to Rubryka, President Volodymyr Zelenskyy announced it, commenting on the Fund's decision.

Ukraine expects to receive the tranche on August 23.

"This will be an excellent gift for our country to the 30th anniversary of independence. These funds will help overcome the effects of the corona crisis and stimulate our economy. I'm grateful to the IMF and personally to Kristalina Georgieva for this decision," the President of Ukraine said.

Zelenskyy also stressed that cooperation with the IMF was very important for our country, so Ukraine continues to implement reforms and implement structural beacons to obtain a new tranche under the current stand-by program.

"We're working on completing the first revision of the current program of the International Monetary Fund and expect an IMF mission in September. I emphasized this during our telephone conversation with Ms. Kristalina Georgieva," Zelenskyy said.

The President's Office noted that after a telephone conversation between President Volodymyr Zelenskyy and the Managing Director of the International Monetary Fund Kristalina Georgieva last week, Ukraine would receive more than $2.7 billion from the IMF for free and without any additional conditions.

The decision was made by the IMF Board of Governors at the suggestion of Kristalina Georgieva to help rebuild the world economy, which suffered from the coronavirus pandemic. In total, special drawing rights (SDRs) worth $650 billion will be distributed among the countries.

The President's Office also notes that, according to an official IMF statement, it's the largest distribution of SDRs in the fund's history.

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.