Washington [US], October 24: On October 22, US Treasury Secretary Janet Yellen confirmed that the US and Europe are close to finalizing a plan to lend Ukraine $50 billion under the G7 initiative.
Reuters quoted Ms. Yellen as predicting that the official announcement about the huge loan could be announced at the annual conference of the International Monetary Fund (IMF) and the World Bank (WB) taking place in Washington DC, the US capital from October 25 to 27.
U.S. and European policymakers have been negotiating for months how to use Russian central bank assets to provide $50 billion in aid to Ukraine by the end of the year. Earlier this year, the parties agreed to a plan to use the proceeds from the assets for that purpose, but the process has run into legal hurdles.
In a positive development, Ms. Yellen announced on October 22 that all major issues have been resolved and that the US will contribute $20 billion of the total $50 billion in loans. In response to this information, German Finance Minister Christian Lindner said that the US move paves the way for the European Union (EU) to provide 18 billion euros ($19.4 billion) in support for the Kyiv government.
"We are on the verge of a breakthrough in our support for Ukraine," Reuters quoted Mr. Lindner as saying in New York City (New York state) before going to Washington DC to attend the IMF and World Bank conference. Previously, Politico reported that the European Parliament on October 22 approved a loan package for Ukraine of up to 35 billion euros, and this amount will be repaid through profits from the frozen assets of the Russian central bank, mostly in Europe. However, the amount will be reduced depending on the US commitment .
Source: Thanh Nien Newspaper