The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris discuss more international loans being dished out to Ukraine as a first $2.1 billion tranche was received from the IMF, paid directly by IMF member states to help Ukraine “overcome the coronavirus and ensure macro-financial stability.”
The funds from IMF member states come at a time when the global economy is severely suffering from a pandemic lockdown.
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Ukraine on Friday received the $2.1 billion first tranche from the International Monetary Fund (IMF), Governor of the National Bank of Ukraine (NBU) Yakiv Smolii said.
“Ukraine has just received $2.1 bln 1st tranche from the IMF. Funds do not come directly from the IMF, but from the member countries. Since yesterday, the funds were coming in installments in $, €, ¥, £ and yuan (currencies in the SDR). The process is now over,” he wrote on Twitter on Friday.
Smolii said that funds from the IMF, entering the state budget, will help the state to overcome the coronavirus and ensure macro-financial stability.
“Meanwhile, the 1st tranche together with the related financial assistance from the EU has already increased international reserves to $28.7 billion,” he said.
The IMF Executive Board on June 10 approved an 18-month Stand-by Arrangement for Ukraine, with access equivalent to SDR 3.6 billion or about $5 billion and 179% of quota. The approval of the SBA enables the immediate disbursement of about $2.1 billion.
After the immediate disbursement of $2.1 billion, the remainder will be phased over four reviews.
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of The Duran.