Breakthrough expected on 50 billion loan for Ukraine
Published: Tuesday, Oct 22nd 2024, 21:10
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A breakthrough is expected in the struggle for a 50 billion dollar international loan for Ukraine, which has been attacked by Russia. US Treasury Secretary Janet Yellen said in Washington that the USA was likely to contribute 20 billion dollars to the G7 countries' package. German Finance Minister Christian Lindner welcomed this and announced: "This also clears the way for support from the European Union to the tune of 18 billion euros."
"This week, we are on the verge of a breakthrough in our support for Ukraine," said the FDP leader during a visit to New York. This involves a loan of 50 billion US dollars, which the seven major Western industrialized nations (G7) and representatives of the EU agreed at a summit in June. The special thing about it is that it is secured by interest income from frozen Russian central bank assets.
Russia to pay indirectly for loan
Yellen emphasized that the source of funding for this Ukraine support is not the American taxpayer. "What is happening here is that Russia is paying for this support," said the US Secretary. Ukraine should be able to decide for itself how it uses the money - for example for weapons purchases, reconstruction and the budget.
Putin had sharply criticized the project and classified it as robbery. He said that the G7's decision would "not go unpunished".
Yellen: 99 percent on target
According to Yellen, however, there is still a little work to be done before the final details are finalized. "Let me say that we are 99 percent there, and it's just a matter of nailing down a few relatively small things," she said. The EU Parliament in Strasbourg had previously approved a loan of up to 35 billion euros for Ukraine. The UK has also announced that it will contribute a loan of 2.26 billion pounds (around 2.71 billion euros) to the package.
The parties involved are expected to reach an agreement by the end of the week - on the fringes of the annual meeting of the International Monetary Fund in Washington. Lindner emphasized that it was possible to send a clear signal this week that the G7 and the European Union were united in defending the international order by supporting Ukraine in its right to self-defence.
©Keystone/SDA
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