Ukraine will join the International Fund for Agricultural Development

The Governing Council of the International Fund for Agricultural Development (IFAD) adopted a decision on Ukraine's membership. As reported by the Ministry of Agrarian Policy and Food, Ukraine will become a full member of the fund from the moment of handing over the document of accession to the Treaty on the Establishment of IFAD to the Secretary General of the United Nations.

"Corresponding domestic procedures are currently underway," the Ministry clarified.

First of all, Ukraine's membership in the Fund provides an opportunity for Ukrainian farmers to obtain available financial resources and support the agricultural sector of Ukraine. Also important is the international image of our state, as one of the largest producers and exporters of agricultural products on the world market and an active participant in global efforts to combat hunger. In addition, there is some hope for increased policy dialogue and support from IFAD in international policy forums.

Background: The International Fund for Agricultural Development (IFAD) is a specialized agency of the UN system and a credit and financial organization whose mandate includes overcoming poverty and hunger in rural areas and developing countries. Today, IFAD includes 177 countries.

The main means of interaction of IFAD with member countries is the allocation of low-interest loans or grants for the development and implementation of projects to overcome poverty in rural areas, which are distributed by the government of the respective state. Loans are granted to member states of the Fund from among developing countries on preferential, transitional and normal terms for the implementation of approved projects and programs. Loan terms vary depending on the level of income of the borrowing country (indicator of the share of GNP per capita).