More vertiports will be set up in strategic locations across Abu Dhabi, including major business hubs and tourism destinations
Ukraine's finance ministry on Monday welcomed the creation of a special new account set up by the International Monetary Fund to give bilateral donors and international organizations a secure way to send financial resources to war-torn Ukraine.
The IMF's executive board approved creation of the new account on Friday after the Canadian government proposed disbursing up to $1 billion Canadian dollars through the vehicle, which is to be administered by the IMF.
The account will allow donors to provide grants and loans to help the Ukrainian government meet its balance of payments and budgetary needs and help stabilize its economy as it continues to defend against Russia's attack.
Russia calls its actions a "special military operation."
"Donors will benefit from the IMF's tested infrastructure to quickly deliver authenticated payments," the IMF said.
Going through the global lender will allow donations to Ukraine to be frozen in the event of a Russian takeover of power in Ukraine, experts say.
Donors will deposit reserve currencies or Special Drawing Rights, the IMF's own reserve currency, into the new account, which will then disburse these resources as grants or loans into Ukraine's SDR account at the fund.
Ukrainian Finance Minister Serhiy Marchenko last week said his government was seeking about 4 billion euros ($4.37 billion) in foreign financing in addition to the about 3 billion euros it has already received to deal with a budget shortfall.
IMF staff last month said Ukraine's economy was expected to contract by 10 per cent in 2022 as a result of the invasion, but warned the outlook could worsen sharply if the conflict drags on. Read full story
One source familiar with the plans said additional donations were expected for both the IMF account and a separate World Bank account set up for Ukraine during next week's spring meetings of the two global financial institutions.
ALSO READ:
The IMF in March also approved a $1.4 billion disbursement to Ukraine under its Rapid Financing Instrument.
IMF staff continue to engage closely with the authorities on their emergency response to the economic dislocations brought about by the war in Ukraine, the fund said.
More vertiports will be set up in strategic locations across Abu Dhabi, including major business hubs and tourism destinations
Kerala will decide the fate of 194 candidates as polling on all 20 parliamentary constituencies will be held in the second phase
Pecker is a key witness in the case against the former US president, who is accused of falsifying business records to cover up hush-money payment
The oil and gas conglomerate and Fifa, the world governing body, sign major sponsorship agreement
Toomaj Salehi risks being hanged after the conviction on the Shariah charge of "corruption on Earth" by a Revolutionary Court
Aid groups warn any invasion would add to already-catastrophic conditions for Gaza's 2.4 million people
The American they will face Australia and Serbia on July 15 and July 17 as part of their preparation for the Paris Olympic Games
The leaders emphasise that the deal to release the hostages would bring an immediate and prolonged ceasefire in Gaza