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U.S. Treasury's Yellen stresses need for high-impact projects to rebuild Ukraine

Commodities Sep 09, 2022 04:46PM ET
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© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen holds a news conference in the Cash Room at the U.S. Treasury Department in Washington, U.S. July 28, 2022. REUTERS/Jonathan Ernst/File Photo

WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Friday underscored the need for a broad coalition of partners to help Ukraine recover and rebuild after Russia's invasion, with a focus on near-term, high-impact projects, the Treasury Department said.

During a virtual meeting with Ukrainian Prime Minister Denys Shmyhal, Yellen also discussed the need for Ukraine's partners to deliver expeditiously on economic assistance for the country, which has been besieged for over six months by Russian forces.

Yellen also expressed support for Ukraine's effort to develop a macroeconomic reform program supported by International Monetary Fund financing, the Treasury said.

Ukraine, which faces $635 million in principal payments on prior IMF loans beginning next week, hopes to get details soon on the format of fresh support from the global lender, a senior central bank official said Thursday.

The United States is providing grants to Ukraine that will add up to $8.5 billion by end-September, the Treasury said. The Biden administration is also requesting an additional $4.5 billion from Congress to help the country cover its critical needs in the coming months.

Yellen's meeting with Shmyhal came hours after the first comprehensive assessment of Ukraine's damages and needs showed it could cost nearly $350 billion to rebuild the country, or about 1.6 times its gross domestic product in 2021.

In her discussion with Shmyhal, Yellen also outlined the next steps for implementation of a Group of Seven price cap on Russian oil meant to put downward pressure on global energy prices and reduce revenues that Russian President Vladimir Putin is using to fund the war, the Treasury said in a statement.

U.S. Treasury's Yellen stresses need for high-impact projects to rebuild Ukraine
 

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Comments (4)
Kelly Mayer
Kelly Mayer Sep 11, 2022 1:09PM ET
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The West desperately clings to Ukraine... no other way to invade Russia... no matter if they go bankrupt. Must hold the Ukraine front. This is and has been War, for a long time now
Andrew Ulferts
Andrew Ulferts Sep 09, 2022 5:31PM ET
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Your tax dollars will fund the largest money laundering operation in human history. I vote no.
Brad Albright
Brad Albright Sep 09, 2022 5:31PM ET
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Russia's frozen assets will pay to rebuild Ukraine, and will still not be enough to atone for Putin's barbarism.
True Stamp
True Stamp Sep 09, 2022 5:18PM ET
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Can't wait a new government in Ukraine will allow Russians to rebuild the country
jason xx
jason xx Sep 09, 2022 4:01PM ET
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can't wait yellen will hammer puketin
 
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