U.S. Treasury Disburses $20 Billion Loan to Ukraine, Part of G7's $50 Billion Initiative

Dec 10, 2024, 06:28 PM

The U.S. Treasury Department has announced the disbursement of a $20 billion loan to Ukraine, which will be repaid using the profits generated from immobilized Russian central bank assets. This loan is part of a broader $50 billion commitment by the G7 countries to support Ukraine, known as the Extraordinary Revenue Acceleration (ERA) Loans Initiative. The funds are intended to provide critical support to Ukraine, with U.S. Treasury Secretary Janet Yellen emphasizing the significance of these funds in aiding Ukraine's economic and financial stability. The loan will be managed through an intermediary fund at the World Bank, ensuring its use for emergency services and other essential support in Ukraine. The Biden-Harris administration has approved this loan, which will be extended over a period of 40 years.