Photo by Ibrahim Boran on Unsplash

According to the presidents office, Ukraine will receive a 2.7 billion USD gift from IMF in August with no strings attached.

In an unexpected turn of events, the president of Ukraine has somehow managed to get the IMF to give Ukraine 2.7 billion American dollars, reports the Kyiv Post. They base their article on a report given by the presidential office following a conversation between the president and Kristalina Georgieva, managing director of the IMF.

The money has been drawn from a special fund called the Special Drawing Rights, a reserve with 650 million USD allocated to combat the effect of the pandemic. The money are not given in the form of a loan, but simply as a bag of money that does not need to be paid back and apparently is coming without conditions.

“This is a historic decision – the largest SDR allocation in the history of the IMF and a shot in the arm for the global economy at a time of unprecedented crisis,” IMF Managing Director Kristalina Georgieva said.

“It will be a great gift for our country to the 30th anniversary of independence. These funds will help overcome the effects of the coronavirus crisis and stimulate our economy. I am grateful to the IMF and personally to Kristalina Georgieva for this decision, ” Zelensky said.

Still the original plan with the conditional loan has not changed and Ukraine is still working on completing the first revision of the program, expecting an IMF mission in September. In June last year, the IMF and Ukraine agreed on a 5 billion USD loan, but Ukraine only received the first 2.1 billion USD tranche.