US announces $1.7 billion in additional aid to Ukraine: Statement

The United States Treasury announced Tuesday it would send an additional $1.7 billion in funding Ukraine To help continue to finance the country’s “essential services”.

Treasury Secretary Janet Yellen said in a statement: “This latest contribution of economic assistance to Ukraine is part of President Biden’s commitment to supporting the government of Ukraine as it defends Ukraine’s democracy against Russia’s unprovoked and unfair war.” does.”

“This assistance will help the democratic government of Ukraine to provide essential services for the people of Ukraine.”

The payments, part of a $7.5 billion aid package signed by President Joe Biden in May, are set to go through World Bank.

According to the Treasury statement, the funds will go towards important tasks in Ukraine, such as paying health care worker salaries.

The war, which began with Russia’s invasion of its former Soviet neighbor in February, could cause the Ukrainian economy to contract by 45 percent in 2022, according to World Bank estimates.

The country is currently running a budget deficit that is growing by $5 billion every month due to its inability to raise funds or access financing on external markets.

With the Allies rushing to provide aid to Ukraine, the G7 and the European Union have also announced a further commitment of $29.6 billion for Kyiv, with $8.5 billion coming from the United States, according to the Treasury Department. Huh.

The Treasury said Washington had already made two payments of $500 million of that amount to help cover immediate costs to Ukraine through the World Bank in April and May, as well as a third of $1.3 billion in June. paid to.

The final installment of the funds will be transferred by the end of September.

Washington has already supplied more than $6 billion worth of military equipment to Kyiv since Russia’s invasion.

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