Ukraine will increase its quota in the IMF.
Ukraine will increase its quota in the International Monetary Fund by 46.6% – to $ 2.8 billion.
Ukraine will increase its quota in the International Monetary Fund (IMF) on SDR 639,8 million, or by 46.6% – to SDR 2011,8 million ($2.7964 billion), corresponding to the order №108 from 4 February to design financial instruments to increase the government quota It gave the Ministry of Finance and the National Bank.
“This step will reduce the payments to Ukraine for the use of IMF resources Furthermore, the quota also determines the right to vote of the Member State in the Fund’s decisions and influences the limit of financing that it can receive from the IMF.”, – Said in a memorandum to the decree, published on government website on Thursday.
The Cabinet said that the increase in Ukraine’s quota in the IMF takes place within the framework of the 14th revision of the quotas of member countries of the Fund.
It was reported that as a result of this review, the quotas of all 188 Member States of the IMF to increase by about half – to SDR477 billion (approximately US $ 659 billion) and more than 6% share of the quota will be reallocated dynamic emerging market and developing countries as well as from over-represented to under submitted by Member States.
In particular, the four emerging economies (Brazil, China, India and Russia) will be among the ten largest participants in the Fund. For the other Member States of the top ten are the US, Japan, and the four largest European countries (Germany, Italy, UK and France). Shares of quotas and the number of votes of the poorest IMF member countries will be protected.
In addition, the Executive Board will first consist only of elected Executive Directors, and thereby eliminated the category designated by the Executive Directors (currently Member States of the Fund with the five largest quotas appoint their executive directors), and European advanced economies have committed to reduce its overall representation on the board of two members.
According to the IMF at the end of January 2016, the total commitments of Ukraine to the Fund up SDR 8,372 billion (about $ 11.6 billion), including in 2016 – SDR 154,5 million (about $ 214.1 million).
Last year, Ukraine has received from the IMF SDR4,728 billion (about $ 6.55 billion) and paid SDR1,075 billion (about $ 1.49 billion).
