US approves $20 billion loan for Ukraine, says Treasury Department
Photo: Janet Yellen, US Secretary of the Treasury (Getty Images)
The US Department of the Treasury announced a $20 billion loan for Ukraine. It will be repaid from proceeds from frozen Russian assets, according to the press service of the US Treasury.
US Secretary of the Treasury Janet Yellen stated that the $20 billion from the US will provide critical support for Ukraine.
"The $50 billion collectively being provided by the G7 through this initiative will help ensure Ukraine has the resources it needs to sustain emergency services, hospitals, and other foundations of its brave resistance," she added.
Meanwhile, the US Treasury clarified that the US has fulfilled its commitment of $20 billion for Ukraine by " transferring these funds to the World Bank’s Facilitation of Resources to Invest in Strengthening Ukraine Financial Intermediary Fund (F.O.R.T.I.S. Ukraine FIF)". The funds will now be provided to Ukraine through this fund.
20 billion from the US for Ukraine
This summer, the G7 countries committed to providing Ukraine with a $50 billion loan, to be repaid through income from frozen Russian assets.
The US decided to allocate $20 billion for this initiative.
Yesterday, on December 9, the Ukrainian Cabinet of Ministers adopted a resolution outlining the terms for receiving the loan from the US. Specifically, it is stipulated that the loan can be repaid if Russia pays reparations to Ukraine.
It is also expected that the European Union will allocate up to €35 billion for the $50 billion initiative for Ukraine.
