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A special fund with G7 funding will be created in Ukraine

21.03.2022

Source: Forbes

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Active negotiations are conducted in order to establish on the basis of the IMF a special fund for Ukraine, which will be financed by the G7 countries and possibly other countries. 

This was stated by Serhii Nikolaichuk, Deputy Chief of the National Bank of Ukraine, in an interview with Forbes.

He said: “This mechanism should become the main element of Ukraine's support in the fight against Russian aggression. However, while negotiations are underway, we cannot talk about any specific amounts”.

Ukraine has already received tranches from the IMF ($ 1.4 billion), the EU (€ 300 million) and the World Bank ($ 311 million). Another € 300 million is expected from the EU in the second tranche of the first tranche in the near future. Nikolaichuk noted that the reserves of the National Bank of Ukraine are now even higher than they were before the war.

He said: “We spend them selling currency to banks to meet the needs of critical imports. In general, the funds that have already been accumulated will be enough to support the normal functioning of the country in the coming months”.

Photo by David McBee з Pexels

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