Ukraine will increase its quota in the International Monetary Fund (IMF) by SDR 639.8 million or 46.6%, to SDR 2.012 billion ($2.796 billion), the government sent relevant resolution No. 108 of February 4, 2106 to the Finance Ministry and the National Bank of Ukraine (NBU).

"This step would allow cutting Ukraine's payments for the use of IMF's funds. In addition, the quota also defines the vote right of member state in the decision of the IMF and influences the limit of financing that the country can receive from the IMF," the explanatory note to the resolution posted on the government's website on Thursday said.

The cabinet said that the increase of Ukraine's quota in the IMF is part of the 14th revision of the quotas of the IMF member states.

According to the IMF, as of late January 2016, Ukraine's total liabilities to the IMF are SDR 8.372 billion (around $11.6 billion), including SDR 154.5 million in 2016 (around $214.1 million).

Last year Ukraine received SDR 4.728 (around $6.55 billion) and paid SDR 1.075 billion (around $1.49 billion).