Ukraine will spend all $2.7 bln from IMF as part of SDR allocation by year end – Finance Ministry

Ukraine has spent $2.45 billion of the $2.7 billion received from the IMF as part of the allocation of special drawing rights (SDR) and will spend the remaining amount by the end of the year, the press service of the Ministry of Finance told the agency.

"The unused balance is SDR 178,219,820. Next week they will go to the State Treasury Service and will be spent. This is about $250 million," the press service told Interfax-Ukraine.

As reported, IMF Managing Director Kristalina Georgieva in August announced the start of SDR allocation for $650 billion, within which Ukraine received over $2.7 billion (SDR1.9 billion) in proportion to its quota in the fund. Then the Finance Ministry converted about SDR1 billion into dollars and euros in order to repay the eurobonds for $1 billion issued five years ago under the U.S. guarantee on September 29.

However, in the Memorandum of Economic and Financial Policies with the IMF, published in November, Ukraine indicated that it intends to keep the remaining half of the $2.7 billion received under the SDR allocation as a buffer against future risks.

Source: www.en.interfax.com.ua