It was reported on the 11th that in order to facilitate the provision of financial assistance to Ukraine from outside, the Executive Board of the International Monetary Fund(IMF) approved on Friday the creation of a special dedicated account to be managed directly by the IMF.
The proposal was first put forward by the Canadian government with a one-time disbursement of $1 billion Canadian dollars. The account will allow donors to provide grants and loans to help the Ukrainian government stabilize its economy and meet balance-of-payments and budgetary needs, while also having more deployable funds to defend against the Russia’s attack, the report says. Ukraine currently was seeking about $4.37 billion in foreign financing to cover possible budget shortfalls, Finance Minister Serhiy Marchenko said last week. The IMF also approved a $1.4 billion disbursement to Ukraine last month.
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