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IMF Has Approved A Multi-Donor Administered Account for Ukraine

Posted by Oseiagyemang.com

In line with several IMF member countries, the Executive Board of the International Monetary Fund (IMF) has confirmed the establishment of an Administered Account for Ukraine, furnishing donors with a solid vehicle to guide financial assistance to Ukraine.

The Government of Canada has proposed up to CAD 1 billion in their new bureaucratic financial plan to be dispensed to Ukraine through the Administered Account. The account is accessible for use by some other individuals as well as intergovernmental agencies and organizations who wish to involve it as a vehicle to give financial support to Ukraine.

The Administered Account is expected to divert donor resources in the form of grants and loans pointed toward helping Ukraine to meet its balance of payments and budgetary needs and help stabilize its economy.

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Contributors will benefit from the IMF’s tried infrastructure to convey confirmed payments rapidly. The Account would receive loan or grant resources from donors in either reserve currencies or SDRs and disburse these resources into Ukraine’s SDR account at the IMF.

The approval of the Administered Account follows the Board’s approval on March 9 of a US$1.4 billion disbursement to Ukraine under the Rapid Financing Instrument.

IMF staff continue to engage closely with the authorities on their emergency response to the economic dislocations brought about by the war in Ukraine.

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