US offers Ukraine loan guarantee of up to USD 1 billion
Feb 15, 2022
Washington [US], February 15 : Reaffirming its strong commitment to the Ukrainian people, the Biden administration has offered a sovereign loan guarantee to Ukraine of up to USD 1 billion to support its economic reform agenda and continued engagement with the International Monetary Fund (IMF) amid Russia's military buildup.
Taking to Twitter, US Secretary of State Antony Blinken said, "We are working closely with allies to mobilize robust international support for Ukraine, including a US-backed sovereign loan guarantee of up to $1 billion to support key reforms. This support will bolster Ukraine's ability to deliver prosperity for its people."
"The United States is reaffirming our strong commitment to the Ukrainian people by joining with allies and partners to mobilize robust international support for Ukraine. The U.S. government is offering a sovereign loan guarantee to Ukraine of up to $1 billion to support its economic reform agenda and continued engagement with the International Monetary Fund (IMF)," State Department said.
This offer - combined with the strong partnership between Ukraine, the IMF, other international financial institutions, the G7 and other bilateral donors - will bolster Ukraine's ability to ensure economic stability, growth, and prosperity for its people in the face of Russia's "destabilizing behaviour", according to the official statement.
"This action builds on the support the United States, our allies, and partners, including the G7 and international financial institutions, have provided Ukraine to help protect its economy amid Russian pressure in recent years," it added.
Blinken also highlighted that between 2014 and 2016, the United States issued three separate USD 1 billion sovereign loan guarantees to Ukraine which played a critical role in helping Ukraine successfully stabilize its economy amid previous Russian aggression.
"The United States has provided over $2 billion in development assistance to Ukraine since 2014. The U.S. government has also worked to promote commercial participation by U.S. companies across the Ukrainian economy.", as per the press release.
Furthermore, the Export-Import Bank of the United States intends to make available up to USD 3 billion to facilitate procurement of U.S. goods and services for projects in Ukraine, while the U.S. International Development Finance Corporation has a current investment portfolio in Ukraine of approximately USD 800 million across more than a dozen projects.
Blinken said that the US is exploring additional ways to support Ukraine and its people and will continue to advance efforts.
