Janet Yellen: Ukraine needs to provide prompt economic assistance

Janet Yellen: Ukraine needs to provide prompt economic assistance

Janet Yellen: Ukraine needs prompt economic assistance

US Treasury Secretary Janet Yellen at a press conference at the US Treasury Department in Washington (file photo)   Janet Yellen: Ukraine Needs Rapid Economic Assistance

U.S. Treasury Highlights Need for High Impact Projects to Rebuild Ukraine

On Friday, US Treasury Secretary Janet Yellen emphasized the need for a broad coalition of partners to help Ukraine rebuild and rebuild the country after the Russian invasion.

During an online meeting with Ukrainian Prime Minister Denys Shmyhal, Yellen spoke about the need for Ukraine's partners to promptly provide economic assistance to a country that has been under pressure from Russian troops for more than six months.

Yellen also expressed support for Ukraine's efforts to develop a program of macroeconomic reforms financed by the International Monetary Fund, the US Treasury said.

$635 million, hopes to get details on the format of the new support from the global lender soon, a senior central bank official said on Thursday.

The United States is providing Ukraine with grants totaling about $8.5 billion by the end of September, the US Treasury Department said.

The Biden administration is also asking Congress for an additional $4.5 billion to help the country to meet her urgent needs in the coming months.

Yellen's conversation with Shmyhal came just hours after Ukraine's first comprehensive assessment of damages and funding needs showed that rebuilding the country could cost nearly $350 billion, which is about 1.6 times higher than Ukraine's GDP in 2021.

Janet Yellen also outlined the next steps to introduce a price limit for Russian oil by the G7 countries. “This ceiling will put pressure on global energy prices and reduce the revenue that Russian President Vladimir Putin uses to finance the war,” the US Treasury Department said in a statement.