President of Ukraine

Ukraine to receive more than $ 2.7 billion from the IMF on the eve of the 30th anniversary of independence

3 August 2021 - 10:22

After a phone conversation between President Volodymyr Zelenskyy and Managing Director of the International Monetary Fund Kristalina Georgieva, which took place last week, Ukraine will receive more than $ 2.7 billion from the IMF free of charge 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 affected by the COVID-19 pandemic. In total, Special Drawing Rights (SDRs) equivalent to $ 650 billion will be distributed among the countries.

This is the largest SDR allocation in the history of the Fund, according to the official statement of the IMF.

“The SDR allocation will benefit all members, address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy. It will particularly help our most vulnerable countries struggling to cope with the impact of the COVID-19 crisis,” IMF Managing Director Kristalina Georgieva said.

Ukraine is expected to receive a tranche of more than $ 2.7 billion on August 23.

"It will be a great gift for our country on the 30th anniversary of independence. These funds will help overcome the effects of the COVID-19 crisis and boost our economy. I am grateful to the IMF and personally to Kristalina Georgieva for this decision," the President of Ukraine said.

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

"We are working to complete the first revision of the current program of the International Monetary Fund and expect an IMF mission in September. I emphasized this during our phone conversation with Mrs. Kristalina Georgieva," the Head of State said.