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UK to provide Ukraine with $304mn in military aid. The UK will deliver “hundreds of thousands of rounds of artillery ammunition” to Ukraine in 2023 under a new $304mn (£250mn) contract. According to the UK government, it “will ensure a constant flow of critical artillery ammunition to Ukraine” throughout the following year.
UK to support Ukraine with $2.8bn in 2023. The UK will commit $2.77bn in aid to Ukraine in 2023, the UK’s Defence Secretary Ben Wallace said. “Another £2.3bn worth of support next year, and in that we make sure they have the weapon systems they need, and at the moment, the United Kingdom will go and help them buy it from elsewhere around the world,” Wallace said.
G7 nations commit $32 billion in financial support for Ukraine. In a statement, published by the German government, revealed that the G7 has mobilised up to $32 billion for helping Ukraine in 2023 and will continue to make further progress in assisting.
Allies pledge over $1 billion to support Ukraine throughout winter. French Foreign Minister Catherine Colonna announced that some 70 countries and international organisations will be involved in allocating funds.
The IMF approved Ukraine’s monitoring program in December. Based on macroeconomic parametres agreed upon with the IMF, the four-month monitoring program will outline the direction for the fiscal and monetary policies of the Government of Ukraine and the National Bank to maintain economic stability. The program is aimed at increasing tax revenues and revitalising the domestic borrowing market, ensuring the financial sector’s long-term stability, curbing monetary financing, as well as improving public administration and transparency of state institutions, the Ministry of Finance reported. With the participation of the IMF Board of Directors, the program will help catalyse donors' financing and bring the country closer to launching a new long-term program of expanded IMF financing.
On December 16, the World Bank announced the creation of a multi-donor trust fund to support the Ukrainian government in measures that will ensure the state's critical needs in the current conditions and in further recovery. The Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF), managed by the WB, will provide a coordinated financing and support mechanism to assist the Government of Ukraine in sustaining its administrative and service delivery capacity, conducting relief efforts, as well as plan and implement Ukraine’s reconstruction and reform agenda. The fund will also provide resources for critical advisory and analytical work for relief and reconstruction efforts. Led by a founding pledge from Switzerland, contributors to the URTF include Austria, Iceland, Lithuania, the Netherlands, Norway, and Sweden for an initial total of $250M. Canada and Japan have also pledged support to the URTF, and other partners are expected to join.
World Bank approves $610mn package to address Ukraine's urgent needs. The World Bank Group announced on December 20 a new financing package that includes projects to boost relief and recovery efforts for Ukraine amid Russia's full-scale invasion. The World Bank will provide additional
35 UKRAINE Country Report January 2023 www.intellinews.com