Yellen Steps Up Calls For Economic Aid to Ukraine

Yellen Steps Up Calls For Economic Aid to Ukraine

U.S. Treasury Secretary Janet Yellen stepped up calls on Thursday for increased financing support to Ukraine to help it battle the year-old Russian invasion as the United States readies an additional $10 billion in economic assistance in coming weeks.

Yellen, speaking in remarks prepared for delivery to a news conference as G20 finance leaders gathered on the outskirts of the Indian technology hub of Bengaluru, said it was critical for the International Monetary Fund to “move swiftly” towards a fully financed loan programme for Ukraine.

“As President Biden has said, we will stand with Ukraine in its fight – for as long as it takes,” she said. “Continued, robust support for Ukraine will be a major topic of discussion during my time here in India.”

Ukraine is seeking a $15 billion multi-year IMF programme, Prime Minister Denys Shmyhal said on Monday after meeting IMF Managing Director Kristalina Georgieva in Kyiv.

Yellen said that previous U.S. military, economic and humanitarian aid totalling $46 billion has allowed Ukraine to preserve economic and financial stability under “extraordinary circumstances.”

“Our economic assistance is making Ukraine’s resistance possible by supporting the home front: funding critical public services and helping keep the government running. In the coming months, we expect to provide around $10 billion in additional economic support for Ukraine.”

The U.S. aid was approved by Congress in December as part of a broad government funding bill that included a new $45 billion package of emergency military and other assistance to the war-torn country.

Reuters /Shakirat Sadiq