Ukraine has received the first tranche of $2.1 billion from the International Monetary Fund's (IMF) $5 billion loan, the governor of the country's National Bank said on Friday
KIEV (Pakistan Point News / Sputnik - 12th June, 2020) Ukraine has received the first tranche of $2.1 billion from the International Monetary Fund's (IMF) $5 billion loan, the governor of the country's National Bank said on Friday.
On Tuesday, the IMF approved an 18-month stand-by arrangement for Ukraine, providing the country with access to about $5 billion. This go-ahead enabled the immediate disbursement of $2.1 billion to Ukraine.
"Officially: Ukraine has just received $2.1bn of the 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 [special drawing rights]). The process is now over," Yakiv Smolii tweeted.
According to the bank's governor, the funds will help Ukraine to overcome the COVID-19 crisis and ensure macrofinancial stability.
"Meanwhile, the 1st tranche together with the related financial assistance from the EU has already increased international reserves to $28.7bn," he added.
