US offers Ukraine $1 billion to stabilize economy, intends to make billions more available

Washington Examiner – by Ryan King

The United States has offered Ukraine a loan of $1 billion to help stabilize its economy, and it intends to make an additional $3 billion available through the Export-Import Bank.

President Volodymyr Zelensky previously said Ukraine needed $4 billion to $5 billion to help stabilize the country’s economy. The money from the U.S. will be used to support Ukraine’s economic agenda and financial projects amid concerns about a Russian invasion.

“Strategic Partnership in actions — we are grateful to the United States for providing substantial financial support of $1 billion and $3 billion available for projects in Ukraine. Thank you POTUS for the quick decision and concrete results after our conversation,” Zelensky tweeted in response to news of the aid.

The first part includes a “sovereign loan guarantee” of up to $1 billion that will go toward supporting Ukraine’s “economic reform agenda” and its engagement to the International Monetary Fund, the State Department announced Monday. The U.S. Export-Import Bank, a government agency that helps finance exports and foreign aid, will also extend $3 billion in credit to Ukraine to purchases U.S. goods and services for projects in the nation.

“This offer — combined with the strong partnership between Ukraine, the IMF, other international financial institutions, the G7, and other bilateral donors — will bolster Ukraine’s ability to ensure economic stability, growth, and prosperity for its people in the face of Russia’s destabilizing behavior,” the State Department said in a statement.

Canada also announced Monday that it would give Ukraine a $500 million loan ($392.9 million USD) on top of a prior $120 million loan ($94.3 million USD) to help Ukraine stabilize its economy. Canada will also give Ukraine over $7 million ($5.5 million USD) of military equipment. Zelensky thanked Canada on Twitter for its support.

In January, Zelensky said Ukraine lost nearly half a million dollars in investment as Russia’s military buildup near its borders spooked investors and said Ukraine needed $4 billion to $5 billion to help its economy, Foreign Policy reported.

The U.S. has previously given billions in aid to Ukraine since Russia annexed Crimea in 2014. This includes $3 billion in loans to Ukraine from 2014 and 2016 and $2 billion in development assistance since 2014, the State Department said. Last month, the U.S. also announced $200 million in military aid to Ukraine.

One thought on “US offers Ukraine $1 billion to stabilize economy, intends to make billions more available

  1. With what money? We’re 30 trillion in debt and they want to loan a billion to another country? WTF???

    More banker wars.

    Can I have a billion dollar loan that I know I’ll never be able to pay back?

    No? Didn’t think so.

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