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• ‘Ukraine’s immediate financing needs are significant’, Yellen says
• Kyiv needs $5 billion to $7 billion a month to fill a budget gap and meet the basic needs
US Treasury Secretary Janet Yellen, on Tuesday, asked the ally countries to step up financial support for Ukraine, saying that the funds announced so far would not be sufficient for Kyiv’s short-term needs as it battles a Russian invasion.
In remarks prepared for the Brussels Economic Forum, Yellen said that although the war-battered country’s government continued to function due to the ingenuity and bravery of its officials, “Ukraine’s immediate financing needs are significant.”
“In the months until tax collection can resume at pace, Ukraine needs budget funding to pay soldiers, employees and pensioners, as well as to operate an economy that meets its citizens’ basic needs,” Yellen said.
“In short order, it will need to turn to repairing and restoring critical utilities and services.”
She said Ukraine would need massive support and private investment for reconstruction and recovery, similar to the rebuilding of Europe after 1945, the country would have to take this “one step at a time.”
“What is clear is that the bilateral and multilateral support announced so far will not be sufficient to meet Ukraine’s basic needs,” Yellen said.
Last month, Ukraine’s deputy central bank governor Sergiy Nikolaychuk said that the country needs $5 billion to $7 billion a month to fill a budget gap and meet the basic needs caused by Russia’s invasion.
Picture Credit: NY Times
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