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U.S. intends to allocate nearly $12 billion to Ukraine

U.S. intends to allocate nearly $12 billion to Ukraine U.S. Secretary of the Treasury Janet Yellen (photo: GettyImages)

The United States is set to allocate a budgetary support of $11.8 billion to Ukraine, directing the funds towards bolstering the country's economy amid wartime conditions, according to Reuters.

U.S. Treasury Secretary Janet Yellen assured Ukrainian Prime Minister Denys Shmyhal that the U.S. presidential administration intends to allocate $11.8 billion in budgetary support to Kyiv. These funds are earmarked to cover Ukrainian government expenditures and provide economic assistance to the country amid wartime conditions.

In a statement following a virtual meeting between the two officials, the U.S. Treasury emphasized that Yellen underscored the importance of Congress taking action on financial support for Ukraine as quickly as possible.

The U.S. hopes that other nations will follow suit and assist Ukraine. Projections suggest that donor countries will fulfill approximately three-quarters of Ukraine's external financing needs in 2024, supporting vital government operations, including hospitals, schools, and emergency services.

"Financial support to Ukraine remains inextricably linked to its success on the battlefield. It also demonstrates the resolve of the U.S. and its allies to defend the territorial sovereignty and freedoms of democratic countries," stated the U.S. Treasury.

"Providing financial support to Ukraine will help Ukraine win the war and advance U.S. national security interests globally," added the Treasury Department.

Aid from the U.S. to Ukraine

In October 2023, U.S. President Joe Biden submitted a bill to Congress proposing an allocation of $106 billion, with $61.3 billion earmarked for Ukraine.

On December 6, Republicans blocked the commencement of debates on the bill in the Senate.

On January 12, the White House announced that aid to Ukraine is suspended until Congress approves new funding.