Ukraine needs $7 billion a month in aid, Zelensky says
WASHINGTON, United States — Ukraine needs $7 billion in month to keep its economy afloat amid the "economic losses" inflicted by Russia, President Volodymyr Zelensky said Thursday, as the United States announced another infusion of financial aid for the country.
The "Russian military are aimed at destroying all objects in Ukraine that can serve as an economic base for life. That includes railroad stations, food warehouses, oil, refineries," Zelensky told leaders of the World Bank and IMF via video link at a meeting to discuss a financial lifeline for Kyiv.
Treasury Secretary Janet Yellen announced $500 million in aid to help Ukraine continue paying salaries, pensions and providing services.
She detailed the assistance following her meeting Wednesday with Ukrainian Prime Minister Denys Shmyhal and Finance Minister Sergiy Marchenko, saying it was necessary to help their government continue to function amid the ongoing Russian invasion.
"The needs of Ukraine are urgent, and we plan to deploy this direct aid to Ukraine as soon as possible to be used on most urgent needs," Yellen said.
"We know this is only the beginning of what Ukraine will need to rebuild. And I'm committed to working with Congress and with our international allies and partners to build on this support in the medium and long term."
The American aid follows another $500 million package of support Washington offered to Ukraine last month, and comes as Western nations along with the International Monetary and World Bank step up aid to Kyiv as fighting rages in the country's east and south.
In the forum hosted by World Bank President David Malpass, Shmyhal said the country needs a "financial bridge" of as much as $5 billion a month for the next five months.
And he called for "a recovery plan for Ukraine, similar to (the) Marshall Plan for Europe after the Second World War."
Zelensky has called for more weapons, saying Ukraine still does not have enough, despite billions in Western military aid that has forced Russia to re-focus its offensive away from Kyiv and towards the east.
He said the West should ramp up pressure on Moscow imposing more financial pain and cutting off relations with Vladimir Putin's government.
The IMF has warned of economic devastation both in Ukraine and abroad from the war.
The conflict will cause the country's economy to collapse 35 percent this year, the IMF said this week, while Russia's will drop 8.5 percent.
The "seismic" impacts of the war are spreading worldwide, lowering global growth to 3.6 percent, nearly a point lower than first estimated in January, the Washington-based crisis lender reported this week.
Follow this page for updates on the economic and political consequences of the Ukraine-Russia conflict. Photo courtesy of AFP/Stefani Reynolds
US President Joe Biden welcomes a deal to avert a government shutdown but calls for Congress to swiftly approve aid to Ukraine after it was left out of the agreement.
"We cannot under any circumstances allow American support for Ukraine to be interrupted," Biden says in a statement.
"I fully expect the Speaker will keep his commitment to the people of Ukraine and secure passage of the support needed to help Ukraine at this critical moment," he adds, referring to Republican House leader Kevin McCarthy. — AFP
The Ukrainian military on Thursday says that Russia had launched a "massive" drone attack overnight and that it had destroyed 31 out of the 39 aircraft.
Russian unmanned aerial vehicles were intercepted over Black Sea coastal regions and further inland, says Nataliya Gumenyuk, spokeswoman for the Ukrainian southern military command.
Russia "does not stop the pressure and searching for new tactics: namely, with the use of mass attacks", Gumenyuk says on the messaging platform Telegram. — AFP
Japan dials up sanctions against Russia over its invasion of Ukraine, announcing an expanded list on Friday that included an export ban on electric vehicles.
Russia was hit with a wave of sanctions after it sent forces into Ukraine in February last year, but calls have grown from Kyiv and its allies for tougher action against Moscow.
Tokyo has already frozen assets of Russian individuals and groups, and banned the export of goods to Russia's military-related organisations, as well as the export of construction and engineering services. — AFP
Biden administration announces additional security assistance for Ukraine for its critical security and defense needs.
The United States Department of Defense says that the commitment to security assistance is valued at up to $400 million.
This includes additional air defense munitions, artillery and other ammunition, armored vehicles, anti-armor weapons, and other equipment to help Ukraine counter Russia’s ongoing war of aggression.
The Kremlin on Tuesday issues a veiled warning over the future of grain exports from Ukraine following Moscow's exit from a landmark deal allowing passage for cargo ships from three Ukraine ports.
Kyiv had said it was prepared to continue grain exports despite the Russian withdrawal, which sparked outrage from the United Nations and the West.
"Without appropriate security guarantees, certain risks arise here. If (a future agreement) is formalised without Russia, then these risks should be taken into account," Kremlin spokesman Dmitry Peskov says. — AFP
- Latest
- Trending
