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HomeBusinessEconomyIMF executive board approves the establishment of a multi-donor administered account for...

IMF executive board approves the establishment of a multi-donor administered account for Ukraine

By IMF Communications Department

WASHINGTON, USA –  At the request of several International Monetary Fund (IMF) member countries, the executive board of the (IMF) Friday approved the establishment of an administered account for Ukraine, providing donors with a secure vehicle to direct financial assistance to Ukraine.

The government of Canada has proposed up to CAD 1 billion in their recent federal budget to be disbursed to Ukraine through the administered account and the account is available for use by any other members as well as intergovernmental agencies and organizations who wish to use it as a vehicle to provide financial assistance to Ukraine.

The administered account is intended to channel donor resources in the form of grants and loans aimed at assisting Ukraine to meet its balance of payments and budgetary needs and help stabilize its economy. Donors will benefit from the IMF’s tested infrastructure to quickly deliver authenticated payments. 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 (see also Press Release 22/69 ). 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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