The US will provide an additional $1.7 billion in financial aid to Ukraine, US Treasury Secretary Janet Yellen announced today.
“This latest contribution of financial aid to Ukraine is part of President Biden’s commitment to support the Ukrainian government as it defends Ukrainian democracy against Russia’s unprovoked and unjustified war,” Yellen said.
This new tranche is being delivered to the Ukrainian government through the World Bank and is part of a $7.5 billion package of financial aid from Washington that was promised to Kyiv in May.
The payment announced today brings to $4 billion the financial aid the US has provided to Ukraine since the beginning of the Russian invasion.
In April and May, Washington paid two tranches of $500 million each through the World Bank to help “Ukraine meet (its) critical needs.” Those two installments fall short of the $7.5 billion total that Joe Biden promised in May.
A first tranche of $1.3 billion of that $7.5 billion was released at the end of June.
“The United States intends to disburse the final $4.5 billion (…) before the end of September,” the US Treasury Department said in its statement.
Ukraine’s budget deficit is widening by $5 billion a month due to shrinking revenues and its inability to access financing from external markets.
International donors have mobilized to help Ukraine. The US Treasury, the G7 and the European Union have pledged $29.6 billion in funding to Kyiv, including $8.5 billion in US aid.
Source: Capital
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