Ukraine’s economic recovery, the US Treasury Department has transferred $20 billion to a World Bank fund. This transfer is part of a broader effort by Ukraine’s international backers, including Canada, Japan, the UK, and the EU, to use profits from frozen Russian assets to fund reconstruction.
The loan is designed to provide support without burdening taxpayers in donating countries. US Treasury Secretary Janet Yellen praised the “creative policymaking and unity of the [Group of Seven]” to make “Russia increasingly bear the costs of its illegal war”.
The funds will go towards rebuilding Ukraine’s economy, which is estimated to require around $486 billion over the next decade, according to a February report by the World Bank, UN, and European Commission.
This significant transfer of funds is a testament to the international community’s commitment to supporting Ukraine’s economic recovery and reconstruction efforts.
The move is also seen as a way to hold Russia accountable for its actions and to make it bear the costs of its illegal war.
