Statement from Secretary of the Treasury Janet L. Yellen on the Ukraine Supplemental Budget Request

WASHINGTON – Secretary of the Treasury Janet L. Yellen issued the following statement on the Ukraine Supplemental Budget Request.

“The United States is steadfast in its commitment to support the Ukrainian people and Government as they continue to defend themselves against Russia’s barbaric war. We are grateful for the strong bipartisan congressional support that is vital to Ukraine’s fight and survival as a sovereign democratic state, as well as the support from our allies and partners who have delivered tens of billions of dollars in economic and security assistance. Sustaining our direct budget support helps reinforce Ukraine’s brave resistance and mitigate the consequences of Russia’s brutal war by providing the Government of Ukraine with the resources it needs to deliver essential services, such as healthcare, education, and funding for emergency first responders including after Russian air strikes. The United States will continue to lead the worldwide coalition we have built in supporting Ukraine, particularly as U.S. assistance catalyzes further financial support from other countries and the international financial institutions (IFIs). We are grateful for the increased burden-sharing from our partners that we have seen following our commitments. That includes under Ukraine’s International Monetary Fund (IMF) program, which has proven critical to Ukraine’s efforts to implement reforms and stabilize the economy.

Beyond Ukraine, America must maintain its global economic leadership role through the international financial institutions and use them to address the world’s most pressing needs. Russia’s war continues to have devastating impacts on other countries, stymying growth, exacerbating food insecurity, and increasing poverty. To address these widespread impacts, we are requesting vital support for developing countries through the IFIs. That includes a contribution for a new portfolio guarantee platform at the World Bank to support reform efforts under the MDB evolution initiative launched by the United States, which would unlock roughly $25 billion in new lending; grants to bring down costs of the new lending; and $1 billion for the International Development Association’s Crisis Response Window.  These contributions will support low-income countries in their immediate response to the food crises and other spillovers from Russia’s war and incentivize investments in developing countries that address global challenges.  Finally, we are seeking authorization to make loans to two IMF trust funds, which will enable the IMF to continue supporting vulnerable countries in the face of Russia’s destructive and destabilizing actions. We are working to leverage this U.S. action at the IFIs to mobilize $200 billion of new financing for developing countries, backed by our partners and allies. Collectively, these efforts will demonstrate unwavering U.S. leadership on the global stage and our commitment to helping the most vulnerable countries and people.”

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