WASHINGTON: The United States Treasury announced Tuesday it will send an additional $1.7 billion in economic aid to Ukraine to help continue funding the country’s “essential services.”
“This latest contribution of economic assistance for Ukraine is part of President Biden’s commitment to support the Government of Ukraine as it defends Ukraine’s democracy against Russia’s unprovoked and unjustifiable war,” Treasury Secretary Janet Yellen said in a statement.
“This aid will help Ukraine’s democratic government provide essential services for the people of Ukraine.”
The payment, part of the $7.5 billion aid package signed by President Joe Biden in May, is set to be made through the World Bank.
The funds will go towards critical operations in Ukraine, such as paying health care worker salaries, according to the Treasury statement.
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According to World Bank estimates, the war, which began with Russia’s invasion of its former Soviet neighbor in February, could cause the Ukrainian economy to contract by up to 45 percent in 2022.
The country is currently running a budget deficit that is growing by $5 billion every month, exacerbated by its inability to raise funds or to access financing on external markets.
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