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Some $2.7 bln received from IMF as part of SDR allocation not income – Finance Minister
KYIV. Sept 21 (Interfax-Ukraine) – Some $2.7 billion received by Ukraine as part of the Special Drawing Rights (SDR) allocation by the International Monetary Fund (IMF) is not income by nature and can only be used to replace debt obligations, Finance Minister Serhiy Marchenko said.
"The funds that came from the SDR allocation are not income by nature. They are a source of debt obligations. Therefore, such funds can be used exclusively to replace debt obligations," he said during the presentation of the draft law on the state budget of Ukraine for 2022.
As reported, the government borrowing plan for 2022, submitted by the government to the Verkhovna Rada along with the draft state budget, involves the issue of eurobonds with a maturity of 5-15 years for the equivalent of $1.5 billion, or UAH 42.9 billion at an average weighted rate of 7.5%.
In addition, in 2022, the Cabinet of Ministers plans to attract the equivalent of almost $2.9 billion, or UAH 82.7 billion from the IMF, within the framework of external borrowing to finance the deficit of the general fund, without specifying whether it is a new program, the extended current Stand-By Arrangement or the use of SDR 1.93 billion ($2.74 billion) received in August this year under the new SDR allocation.
