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Janet Yellen during an online meeting with the Prime Minister of Ukraine, Denys Shmyhal. The US Treasury emphasized that taking this amount into account, the total US economic aid to Ukraine will increase to $13B. All these funds have been directed in the form of grants. Yellen also recognized Ukraine’s large-scale financial needs next year for the provision of critical public services and the restoration of priority infrastructure.
The US plans to provide $1.5B monthly to Ukraine and has asked allies to do the same. The United States is willing to support Ukraine’s finances with $1.5B a month in aid throughout the war against Russia and is pushing its EU allies to commit to similar amounts, reported Bloomberg. The Biden administration signed off last week on $4.5B in grants to cover the rest of the year and has held conversations with EU officials and pressed them to do more. The IMF has previously said Ukraine needs about $5B every month to cover essential services and keep its economy going. Ukraine received nearly $2B in aid last month, down from $4.7B in August, Finance Minister Serhiy Marchenko said.
The US will allocate $725M in additional security assistance for Ukraine.
The Biden administration authorized an additional $725M in security aid for Ukraine Friday, as the country recovers from Russia’s recent barrage of missile attacks on civilian targets. “The new package includes munitions, arms, and equipment from US Department of Defense inventories,” Secretary of State Antony Blinken said in a statement Friday. The assistance consists of High-speed Anti-Radiation Missiles (HARMs), anti-tank weapons, small arms, ammunition for High Mobility Artillery Rocket Systems (HIMARS) and small arms, according to a press release from the Department of Defense. In addition, the aid package also provides medical supplies, more than 200 high mobility vehicles, and thousands of rounds of ammunition for artillery and Remote Anti-Armor Mine (RAAM) systems.
The US is unhappy with the EU’s financial aid delay. The US is urging the EU to increase financial aid to Ukraine, whose economic situation is deteriorating due to the constant hostilities, writes The Washington Post. US Treasury Secretary Janet L. Yellen has already called several times during international meetings for her colleagues from the EU countries to increase both the speed and the amount of money being sent to Ukraine. Yellen also raised the issue in a private meeting at the IMF with the Executive Vice President of the European Commission, Valdis Dombrovskis, and the European Commissioner for the Economy, Paolo Gentiloni. According to new World Bank estimates, Ukraine's inflation level may reach 40% next year. The White House has repeatedly emphasized the need for quick, direct cash payments, rather than loans that must be repaid, to help Ukraine's economy.
The EU plans to allocate $1.5B monthly in 2023. Ukraine is negotiating with the EU, the US, and the IMF to provide comprehensive support for Ukrainian public finances in 2023. This will ensure a predictable environment for business, and the population, Ukraine's Minister of Economy Yulia Svyridenko noted at the Conference of EU Ambassadors. The VP of the European Commission, Valdis Dombrovskis, noted that ensuring the macro-financial stability of Ukraine is one of the European Union’s highest priorities. "I hope we will soon allocate the next €2B and another €3B at the beginning of December," said Dombrovskis. He also emphasized that in 2023, the EU will prioritize efforts to provide $1.5B monthly in macro-financial support. Along with this, other donors, countries, and international financial institutions will
33 UKRAINE Country Report November 2022 www.intellinews.com