IMF opens account to channel donor funds to Ukraine

The International Monetary Fund has opened an account to channel funds from donors to Ukraine.

The account, which was approved by the lender’s board of directors on April 8, 2022, will receive grants and loans “aimed at assisting Ukraine to meet its balance of payments and budgetary needs and help stabilise its economy”, the IMF said in a statement.

The aid, which will be disbursed directly into Ukraine’s account at the fund, can be denominated in either reserve currencies or special drawing rights, a form of reserve asset that in effect constitutes newly minted money.

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