Ukraine may get about $2.73B from IMF – NBU governor

According to Ukrinform, Governor of the National Bank of Ukraine (NBU) Kyrylo Shevchenko wrote this on Facebook.

"Yesterday [on July 8], the IMF Executive Board supported the initiative of the Fund's Managing Director, Kristalina Georgieva, regarding an additional SDR allocation for about $650 billion, which is aimed at providing additional liquidity to the global economic system by replenishing the international reserves of IMF member countries. Now, this proposal has to be considered and voted on by the Board of Governors," Shevchenko wrote.

Given the size of Ukraine's quota (0.42%), the country may receive about $2.73 billion, which will help increase gold and foreign exchange reserves and improve the IMF's composite criterion on the adequacy of international reserves, Shevchenko said.

The IMF Executive Board on July 8 concurred in Georgieva's proposal for a new general SDR allocation equivalent to $650 billion – the largest allocation in the IMF's history – to address the long-term global needs for reserves during the worst crisis since the Great Depression. Georgieva promised to present the new SDR allocation proposal to the IMF's Board of Governors for their consideration and approval. If approved, the SDR allocation is to be completed by the end of August.

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