The United States is committed to providing Ukraine another $500 million in direct economic assistance to help fund “critical government operations” in the war-torn country, Treasury Secretary Janet Yellen announced on Thursday.
Yellen announced the economic assistance package at a news conference at the Treasury Department on Thursday after meeting with Ukrainian Prime Minister Denys Shmyhal. The money will be used to help Ukraine pay for government salaries, pensions, and social programs aimed at lessening the country’s humanitarian crisis caused by Russia’s Feb. 24 invasion. The commitment doubles President Joe Biden’s pledge of $500 million in direct budgetary aid for Ukraine last month.
“The needs of Ukraine are urgent, and we plan to deploy this direct aid to Ukraine as soon as possible to be used on the most urgent needs,” Yellen said.
The $1 billion in budgetary aid for Ukraine will require the Biden administration to make a supplemental budget request to Congress, and the treasury secretary said she was committed to asking lawmakers for even more help for Ukraine.
YELLEN, POWELL, AND OTHERS WALK OUT OF G-20 MEETING IN PROTEST OF RUSSIA
“We know this is only the beginning of what Ukraine will need to rebuild, and I’m committed to working with Congress and with our international allies and partners to build on this support in the medium and long term,” Yellen said.
The International Monetary Fund said on Wednesday that the Ukrainian government needs $5 billion in aid per month to keep its economy operating. The country’s GDP may collapse by as much as 45% this year as a result of the war, according to the World Bank.
G-7 finance ministers announced this week that they have pledged $24 billion in support for Ukraine in 2022 and beyond, promising to do more as needed.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
Earlier on Thursday, Biden announced plans to send an eighth military assistance package to Ukraine at a cost of $800 million. The latest round of military aid includes funding for more howitzers, artillery rounds, tactical vehicles, field equipment, spare parts, and drones.
The U.S. has pledged approximately $3.4 billion in military assistance since Russia’s invasion.
