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US Promises Additional $10 Billion Support To Ukraine

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Bengaluru: US Treasury Secretary Janet Yellen on Thursday said that she will look forward to continuing the G20 goal by advancing work on debt, climate change, and the evolution of multilateral development banks.

According to her, the US will push for all bilateral official creditors including China to participate in meaningful debt treatment for developing countries.

“I’ll look forward to continuing G20 goal by advancing work on debt, climate change & evolution of multilateral development banks. I’ll push for all bilateral official creditors incl China to participate in meaningful debt treatment for developing countries,” she said.

During the press conference after her speech at the 2023 G20 Finance Ministers and Central Bank Governors Ministerial in Bengaluru, the secretary said “It is one of the most significant factors that is reducing growth and causing very negative spillovers in low-income countries. We would like to see the IMF (International Monetary Fund) negotiate an agreement to lend to Ukraine.”

Yellen also met with Finance Minister, Nirmala Sitharaman. Secretary stressed the United States’ support for India’s G20 presidency and thanked Minister Sitharaman for her hospitality.

The Secretary discussed cooperation on the evolution of multilateral development banks, encouraged strengthened health-finance coordination, and thanked India for taking a leadership role on promoting sovereign debt restructuring, while encouraging faster G20 efforts on existing debt restructuring cases.

During her speech at the G20 event, she discussed the Ukraine war and the impact it had on global economies. The secretary said, “When Russian President Putin launched his brutal attack on Ukraine last year, some believed Russia would secure a quick and decisive victory over Kyiv.” However, she added one year later, the Putin war is a strategic failure for the Kremlin.

She said Ukraine still stands and “NATO in our global coalition stand united behind it” . Ukraine dismounted a heroic resistance. “We have seen the bravery of the Ukrainian military on the battlefield. We have seen the steady hands of Ukraine and its economic and finance officials who fought to preserve the financial and economic stability of Ukraine under extraordinary circumstances,” Yellen said.

On the strength of the Ukrainian people, Yellen said, “They are standing strong amid the war. The United States and their allies are proud to support the Ukrainian people’s fight for freedom. The US provided over USD 46 billion in securities, economic and humanitarian support to Ukraine.”

In the coming months, she said, “We promise to give 10 billion dollars in addition for support for Ukraine.” Estimates indicated that nearly a million Russians might have left Ukraine last year, she said, adding, “Our military support includes key defensive systems that Ukraine had asked for.”

“Since the early days of the war, we have partnered with a multilateral coalition of over 30 countries to impose severe cause on Russia for its assault,” Yellen said, adding, “Our twin goals are to degrade Russian military-industrial complex and reduce the revenues to fund its wars. We are seeing the impacts of these actions. The Russian military is struggling to replace over 9,000 pieces of heavy military equipment lost since March 2022. Further, Russia’s economy is becoming isolated.”

(With Agency Inputs)

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