US Treasury Secretary Yellen urges continued support for Ukraine

US Treasury Secretary Janet Yellen has called for continued efforts to provide “significant, predictable and timely” assistance to Ukraine.

The World Bank, the International Monetary Fund (IMF) and the Ukrainian government held the third ministerial round table, with some countries represented, to discuss support for Ukraine.

Speaking at the meeting, US Treasury Secretary Janet Yellen said that during her visit to Kiev in February, she witnessed firsthand the “brutality” of Russia’s war and saw the resistance of the people ukrainian.

Yellen explained that economic activity in the country is picking up under difficult conditions and critical government services are being provided.

US EXTRA HELP PLAN

Recalling that the United States has provided significant budget support to Ukraine since Russia started the war, Yellen said: “We have plans to provide additional assistance, all in the form of grants, by September, as well as support for energy security and early recovery”.

Yellen stressed that supporting Ukraine is a collective effort and urged US allies and partners to continue efforts to provide “meaningful, predictable and timely” assistance to Ukraine.

Noting that the sanctions have also restricted the Russian military’s access to the technology and equipment it needs, Yellen reiterated that with the embargoes and price ceilings on Russian oil and refined products, while maintaining stability in global oil markets , Russia’s main source of revenue were effectively targeted.

Yellen reported that Russia’s state revenue from energy taxes has fallen by more than 40 percent since the implementation of the price cap compared to last year.

“THE IMF PROGRAM IS TO SUPPORT UKRAINE”

IMF Managing Director Kristalina Georgieva said that despite the continued attacks on Ukraine, the economy is functioning, the government is running at full capacity and vital services are being provided to households and businesses across the country.

Recalling that the IMF approved on March 31 a new 4-year program of 15.6 billion dollars for Ukraine, Georgieva noted that after the approval of the program, 2.7 billion dollars were distributed in the first stage.

Noting that the loan in question is part of the $115 billion support package, Georgieva said: “The goal of the IMF program is to help Ukraine maintain economic and financial stability, carry out critical reforms to stimulate growth and advance in the accession to the EU. process.” he said.

WAR AFFECTS THE GLOBAL ECONOMY

World Bank President David Malpass said Russia’s war in Ukraine has entered its second year and continues to cause significant humanitarian and economic hardship and has devastating effects on the world economy.

Malpass said the damage assessment showed Ukraine needs $411 billion over the next 10 years to rebuild and recover.

Recalling that the World Bank has mobilized more than $23 billion of emergency financing for Ukraine, Malpass noted that $20 billion has been distributed. (AA)