13:52 09.04.2022

IMF Board of Directors agrees to open special account for sending money from donor countries to Ukraine – Ukraine’s rep in Fund

2 min read
IMF Board of Directors agrees to open special account for sending money from donor countries to Ukraine – Ukraine’s rep in Fund

The Board of Directors of the International Monetary Fund (IMF) on Friday agreed to open a special administrative account for sending money from donor countries to help Ukraine, Deputy Executive Director from Ukraine at the IMF Vladyslav Rashkovan has said.

"The Finance Ministry and I lobbied for this decision together with the government of Canada, but from the very beginning we also received support from the Netherlands, Poland and the Scandinavian and Baltic countries," he wrote on Facebook.

According to him, Deputy Prime Minister of Finance of Canada Chrystia Freeland in the Parliament of Canada, presenting the draft federal budget for 2022 (from July 1), said that the government will send up to 1 billion Canadian dollars (about $800 million) in support of the government of Ukraine through this account.

"$1 billion from Canada will be directed to help the government of Ukraine through the IMF instruments," Rashkovan said.

Finance Minister Serhiy Marchenko said at the end of March that Ukraine was discussing with international partners a mechanism for distributing Special Drawing Rights (SDR) from the IMF unused by other countries.

As reported, in August last year, the IMF distributed an additional $650 billion between the SDR member countries, under which Ukraine received over $2.7 billion (SDR1.9 billion) in proportion to its quota in the Fund. By the beginning of the war, all these funds had already been spent by Ukraine.

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