Ukraine Receives Over $2.7 B from IMF for Economic Recovery

Ukraine received more than $2.7 billion from the IMF within the allocation of Special Drawing Rights (SDRs) to assist IMF member countries in the restoration of the economy affected by the coronavirus pandemic. The funds were transferred to Ukraine’s account.

SDRs can be converted into currency and used to finance the budget in the current budget period or saved to secure budget funding in subsequent budget periods. The decision on the distribution of these funds will be made in accordance with the legislation currently in force.

As a reminder, on 2 August 2021, the IMF Board of Governors approved the allocation of SDRs to countries to help restore the global economy affected by the coronavirus pandemic to the tune of $650 billion, the largest allocation of SDRs in the Fund’s history.

This decision was made by the IMF Board of Governors on the proposal of Managing Director of the International Monetary Fund Kristalina Georgieva.

Ukraine continues to cooperate with the IMF and makes efforts to implement reforms and meet its commitments under the Stand-by Arrangement with the IMF. The Ministry of Finance is working to complete the first revision of the current programme and expects an IMF mission to arrive in September this year.

Natalia Tolub