IMF Board of Directors Approves Cooperation Program with Ukraine
The Board of Directors of the International Monetary Fund approved a $ 5 billion cooperation program with Ukraine. This program is designed for 18 months. Reported on IMF website.
“The IMF Executive Council today approved a stand-by (SBA) program for Ukraine with financing equivalent to 3.6 billion SDR (about $ 5 billion). Approval of the program is an equivalent allocation of 1.5 billion SDR (about $ 2.1 billion). “The report says on the fund’s website.
Ukraine’s President Vladimir Zelensky also confirmed on his Twitter that Ukraine will receive the first tranche from the IMF in the amount of $ 2.1 billion, which is $ 200 million more than originally planned. “The new program will help overcome the difficulties faced by COVID-19. In difficult times, the IMF proves that it is a reliable partner, ”Zelensky wrote.
The new program should help Ukraine solve problems associated with the COVID-19 epidemic to support the balance of payments and budgets, support today’s achievements, and promote major structural reforms. The IMF said in a statement, “Ukraine has a chance to return to development when the crisis ends.”
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Earlier, the IMF introduced a plan to save the global economy. According to him, each country should have three priorities in overcoming the crisis: financing of health systems; Supporting critical domestic and business support systems; Planned preparation for economic recovery after the crisis.
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