21 Apr 2022 12:37

Ukrainian finance minister calls on G20 countries to give Kyiv at least 10% of their SDR

KYIV. April 21 (Interfax-Ukraine) - Ukrainian Finance Minister Serhiy Marchenko has called on the G20 countries to allocate a portion of their resources in any form to cover the needs of the Ukrainian budget in order to enable the Ukrainian government to work at full capacity and to continue providing all necessary services to the population in current conditions, the Ukrainian Finance Ministry said on Wednesday evening.

"Not all those present at the session are donor states. But all of them received Special Drawing Rights [SDR] from the International Monetary Fund [IMF]. And if you transfer at least 10% of them to Ukraine, it would mean a great deal to us," Marchenko said at the G20 session in Washington in the presence of the G20 finance ministers and Central Bank governors.

"Today is the right time to make the right choice," he said.

The world financial system could shift into survival mode if the right choice is not made, the minister said.

Marchenko described the events in Ukraine as a "global crisis" and called on the West to help Kyiv, adding that Ukraine needs support such as external financing, which will help normalize the economic situation in the country.

The Ukrainian government is functioning in full even in these conditions, and, except for spending to cover military needs, the Ukrainian budget is fully focused on covering humanitarian and social expenses and on support for the vulnerable groups of the population, he said.

As reported, in August of last year the IMF allocated Special Drawing Rights equivalent to $650 billion, of which Ukraine received more than $2.7 billion (SRD1.9 billion] consistent with its quota in the IMF. Ukraine had spent all of these funds by February 24, 2022.