Governor of the National Bank of Ukraine (NBU), Kyrylo Shevchenko, has said Ukraine may receive $2.7 billion from the International Monetary Fund (IMF) to replenish its international reserves as part of IMF Managing Director Kristalina Georgieva’s initiative to allocate $650 billion to restore global economy from coronacrisis.
The official posted the relevant statement on Facebook on April 12 following a meeting with Director of the IMF’s European Department, Alfred Kammer.
“We’ve exchanged views on the initiative of IMF Managing Director Kristalina Georgieva on the additional allocation of the amount in SDR (about $650 billion) aimed at providing additional liquidity to the global economic system by replenishing the IMF member states’ international reserves. Given the size of Ukraine’s quota (0.42%), our state may receive about $2.73 billion, which will help to build up gold and foreign exchange reserves and improve, according to our preliminary estimates, the indicator of the IMF’s composite criterion for the adequacy of international reserves from the current 91% to about 98%,” he said.
Also, in the dialogue on continuing cooperation with the IMF, the parties discussed a range of issues, including the part of the program, which was within the National Bank’s responsibility.
“I’d like to emphasize that we have no disagreements with the mission experts. Moreover, we have a common vision of the result we seek to achieve,” he said.
Shevchenko said the parties also discussed the IMF’s initiative on debt relief for Sudan, in particular, the payment of its debt to the IMF by other member states. Such an operation will open the Sudan access to IMF financing programs, and, consequently, to resources for the implementation of necessary economic reforms.
“Mr. Kammer expressed hope that Ukraine would also join this initiative. The decision will not require payment of real money from Ukraine, the Fund has already made reserves for this, but this issue will require an appropriate decision of the Ukrainian government. Several years ago, Ukraine already took part in a similar operation regarding Somalia,” Shevchenko said. (UNIAN/Business World Magazine)