The Executive Board of the International Monetary Fund approved the opening of the special administrative account to send money from donor countries to support Ukraine, the press center of the IMF announced.
Canada announced the first installment to his account; they will transfer 1 billion Canadian dollars ($800 million).
Not only IMF member countries but also intergovernmental agencies and organizations who want to help Ukraine will be able to transfer the money.
The administrative account is intended for donor resources in the form of grants and loans, which will help Ukraine offset the balance of payments, implement the budget, and stabilize the economy.
Donors will be able to use the IMF's approved infrastructure to transfer payments to Ukraine quickly. The money will be transferred in reserve currencies (US dollars, euros, pounds, yuan, Canadian and Australian dollars, Swiss francs) or special drawing rights (SDR), and the IMF will send them to Ukraine's account in SDRs.
Earlier, the Ukrainian government announced that they were considering donor support and special drawing rights from the IMF as alternative income sources for the state treasury.