Washington D.C., 9 August 2022 (TDI): The United States, through the U.S Agency for International Development (USAID), is providing $4.5 billion in direct budgetary support to the Government of Ukraine to alleviate the country’s falling economy.
Due to the acute budget deficit caused by the brutal war of aggression, the USAID, in coordination with the U.S Department of the Treasury, is providing additional support to Ukraine.
NEWS: The 🇺🇸, through USAID in coordination with the @USTreasury, is providing an additional $4.5 billion in direct budgetary support to the Government of Ukraine 🇺🇦 to help alleviate the acute budget deficit caused by Putin’s brutal war of aggression. https://t.co/dnWEAV9eK0
— USAID (@USAID) August 8, 2022
The Ukrainian government will receive the funding in tranches, starting in August with a $3 billion payment. The generous bipartisan backing of Congress facilitated this contribution.
The U.S. government will have given the Ukrainian government direct fiscal support totaling $8.5 billion once these additional funds have been properly disbursed.
Key developments through the funding
The funds provided by the U.S through World Bank will assist the Government of Ukraine in providing essential services to its citizens. It will incorporate social and financial support for Ukrainians whom the war has further marginalized, children with disabilities, and internally displaced people.
Moreover, the essential duties include maintaining the supply of gas and electricity to hospitals and schools, assisting in the distribution of humanitarian aid to citizens, and continuing to pay the salaries of government employees, medical professionals, and teachers.
Today, we announced an additional $4.5 billion in financial support for Ukraine. This underscores @POTUS‘s commitment to Ukraine, and will help the country’s government keep open hospitals, schools, and other critical services for the Ukrainian people. https://t.co/b1m5rp0qpi
— Secretary Janet Yellen (@SecYellen) August 8, 2022
Additionally, the funding provided buds upon the prior budgetary assistance, enabling the Ukrainian government to carry out its core functions.
Furthermore, the World Bank has implemented robust safeguards to ensure accountability and transparency in using funds. Also, these protections are combined with USAID-funded, expert third-party oversight entrenched inside the Ukrainian government.
USAID’s former financial assistance to Ukraine
After giving $1.3 billion in June and $1.7 billion in July to assist the operation of essential government services. This marks the third significant round of financial support, and the largest USAID has given in recent months.
Conclusively, since Russia’s full-scale invasion of Ukraine on February 24, USAID has been coordinating with humanitarian partners to provide Ukrainian life-saving humanitarian aid.
The aid has facilitated crucial development assistance to address cyberattacks and threats to the energy sector, combat disinformation, support the agricultural sector, and document human rights violations.