G7 to make $50 billion Ukraine loan available by year-end: Yellen
The Peninsula
Washington: G7 nations are committed to making $50 billion in lending available to Ukraine by year end, US Treasury Secretary Janet Yellen said Wednes...
Washington: G7 nations are committed to making $50 billion in lending available to Ukraine by year-end, US Treasury Secretary Janet Yellen said Wednesday at a meeting with her Ukrainian counterpart.
The Group of Seven wealthy democracies agreed to offer a new $50 billion loan for Ukraine, using profits from the interest on Russian assets frozen after President Vladimir Putin ordered the invasion of his neighbor in 2022.
"This loan initiative will provide Ukraine with urgently needed funds and will make funds available by the end of this year," Yellen said, ahead of her meeting with Ukraine Finance Minister Sergii Marchenko.
"It will send a message to Putin that waiting out our coalition is a losing strategy," she added.
In a separate statement, US President Joe Biden said that his government "will provide $20 billion in loans to Ukraine that will be paid back by the interest earned from immobilized Russian sovereign assets."
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