US Treasury Secretary Janet Yellen on Wednesday called for continued significant assistance to Ukraine in the fight against the Russian invasion and praised Ukrainian authorities for their emphasis on good governance. and the fight against corruption.
Yellen, who made a surprise visit to Kiev in February, spoke at the start of a ministerial meeting on Ukraine at the International Monetary Fund’s spring meeting, which also included Ukrainian President Volodymyr Zelenskyy and Prime Minister Denys Shmyhal.
“Support for Ukraine is a collective effort. We salute the efforts of our allies and partners to provide significant, predictable and timely assistance and encourage everyone to continue to do so,” Yellen said.
A senior Treasury official said on Monday that the United States had provided nearly $50 billion in aid to Ukraine over the past year, including more than $23 billion in budget support to ensure the operation of public services.
Yellen said the government of Volodymyr Zelenskyy “provided strong governance to Ukraine in the context of a terrible war started by Russia” by restoring economic activity and providing essential services to the population.
“Your commitment to ensuring that international aid is used responsibly is essential,” she said.
IMF Managing Director Kristalina Georgieva, who also visited Ukraine, said Kiev had done an admirable job of rebuilding energy facilities destroyed by Russia while keeping government agencies functioning and helping businesses recover. continue to operate.
“The country is doing remarkably well in the most appalling of circumstances,” she said. “And that’s why the government has the confidence of the people and the confidence of the international community.”
Shmygal and Zelenskyy thanked donor countries for their support and initial investment in reconstruction projects.
“This assistance is unprecedented and we greatly appreciate it. But Ukraine’s losses and costs are also unprecedented,” Shmygal told the meeting, citing a recent report that Ukraine’s economic recovery would cost $411 billion, or 2.6 times the product. gross interior planned for 2022.
This figure, calculated by the World Bank, the United Nations, the European Commission and Ukraine, is a sharp increase from the estimate of 349 billion dollars published last September.
Shmyhal said Ukraine must attract $14 billion in donor aid by the end of 2023.
Yellen said the United States planned to provide additional aid through September — all in the form of grants — and support Ukraine’s efforts for energy security and a speedy recovery, without providing details.
World Bank President David Malpass, who chaired the meeting, on Tuesday stressed the need for European countries to join global institutions in rebuilding Ukraine, given the “daunting” scale of the need.
Yellen said the recent IMF-agreed $15.6 billion lending program would anchor international support “into a sound macroeconomic framework and catalyze additional reforms needed to rebuild Ukraine.”
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