Ukrainian officials estimate that they currently face a monthly deficit of about $ 5 billion. The aid will be aimed at filling Ukraine’s deficit for three months – the amount of short-term economic aid, as world leaders have indicated that much larger long-term recovery packages may be needed.
Assistance packages can be provided through a mix of partners, including the United States and the International Monetary Fund.
Congress is currently in the process of approving about 40 40 billion in aid to Ukraine following a request from the Biden administration, although that funding includes military assistance. Ukrainian leaders who joined the “Group of 20” last month demanded $ 5 billion a month in economic aid, including about $ 2 billion a month from the United States.
According to researchers at the Kiev School of Economics, Ukraine has lost $ 94 billion in direct damage to its infrastructure since the war began, with a total economic loss of more than 50 550 billion.
Ukraine has asked the United States for 2 2 billion a month in emergency economic aid
According to estimates by the Kiel Institute for the World Economy, a German think-tank, about three dozen countries have already provided a total of বিল 24 billion in aid to Ukraine. A 15 15 billion aid package would be a substantial increase in that amount.
Ukrainian officials say the failure to provide additional international assistance could exacerbate a devastating humanitarian crisis, pointing to their inability to pay their scheduled government funding and repair the necessary infrastructure.
“Our economy has been partially destroyed,” Sergei Nikiforov, a spokesman for Ukrainian President Volodymyr Zelensky, said in an interview. “Our export capacity and steel mills have been destroyed and we have this huge monthly deficit … The tax and customs revenue is not nearly as high as it was before the war.” Nikiforov further stressed that more than 12 million Ukrainians have been internally or externally displaced by the war.
As G-7 finance ministers gather in the woods this week, they face a number of challenges as they seek to increase financial pressure on Russia’s aggression, even in the midst of a growing economic downturn in their own country. In addition to the United States, Poland, the United Kingdom, Canada, and Germany have so far contributed the most, according to the Washington-based think tank, the Committee for a Responsible Federal Budget.
The global economic turmoil has complicated Western leaders’ sanctions on Russia
In a speech in Brussels on Tuesday, Treasury Secretary Janet Yellen called on European allies to provide more assistance to the Ukrainian government.
“I sincerely urge all our partners to join us in increasing their financial support in Ukraine,” Yellen was quoted as saying in a transcript of his prepared remarks. “Our joint efforts are crucial to ensure the victory of democracy in Ukraine against Putin’s aggression.”