The International Monetary Fund (IMF) will allocate Special Drawing Rights (SDRs) equivalent to US$650 billion. The decision will take effect on 23 August.
Of this amount, about $275 billion will go to emerging market countries and developing countries, according to the statement by IMF Managing Director Kristalina Georgieva.
“This is an historic decision – the largest SDR allocation in the history of the IMF and a shot in the arm for the global economy at a time of unprecedented crisis,” reads the statement.
The IMF is also identifying viable options to help poorer and more vulnerable member countries to support their economic recovery.
As noted by Vladyslav Rashkovan, Alternative Executive Director for Ukraine at the International Monetary Fund, about $2.7 billion is provided to Ukraine out of the total amount.
“Ukraine will receive more than $2.7 billion free of charge and unconditionally … This is a good gift for Ukraine, and we will receive it on the eve of the 30th anniversary of independence,” Rashkovan wrote.
In July, the IMF said that the vaccination pace around the world is insufficient to be able to talk about the end of the pandemic in 2022.