The IMF Board of Directors has reduced its fees by an average of 36%. For Ukraine, this means savings of about $130 million annually, or $650-700 million over the next 5 years, Vladislav Rashkovan, IMF Deputy Executive Director and Ukraine's representative, said on Facebook on Monday, UNN reports.
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"On Friday, October 11, the IMF Board of Directors decided to reduce the level of its fees (charges, surcharges and commitment fees), which affect the cost of resources for developing countries that have financing programs from the Fund. On average, the amount of fees is reduced by 36%, which will reduce the IMF's income by about $1.2 billion a year," Rashkovan said.
"This decision also has a positive impact for Ukraine: our total annual costs for using IMF resources will be reduced by about $130 million. Taking into account future tranches of the IMF under the existing program, the effect for the next 5 years is $650-700 million. This is not bad, including because the costs for Ukraine are reduced by 38-39%, which is more than for other countries," Rashkovan emphasized.