UK Plans to Allocate $3 Billion for Ukraine
Today, on Wednesday, June 21, London will unveil a financial support package for the Ukrainian government that will include $3 billion in World Bank loan guarantees. The announcement will be made at the Ukraine Recovery Conference 2023 (URC), which is taking place in London today.
"I am proud to announce today a multi-year commitment to support Ukraine's economy, with $3 billion in loan guarantees over the next three years," said Rishi Sunak in an official statement on the British Government's website.
The aid is expected to be used to stabilize Ukraine's economy as it continues to fight unprovoked Russian aggression. In particular, it will finance social payments and address other critical needs of the Ukrainian budget.
The UK aid will be the first multi-year support package provided by a G7 country. It will bring the total amount of non-military support to Ukraine from the British government to over £4.7 billion, including £4.1 billion in fiscal support and £640 million in bilateral aid.
The statement from the British Prime Minister, Rishi Sunak, also emphasizes the steadfastness and sustainability of the international community's support for Ukraine: "Partners will stand with Ukraine for as long as it takes, as long as it continues to win this war."
London's support is "underpinned by an important signal" from 400 leading global companies from 38 countries, with a combined turnover of $1.6 trillion, expressing their readiness to help Ukraine recover and reconstruct after Russia's invasion of Ukraine.
"The pact includes participation from major conglomerates, international corporations, and retailers, and will be initiated by the UK as part of the two-day Ukraine Recovery Conference 2023 (URC). Among the companies in the pact are global giants such as Virgin, Sanofi, Philips, Hyundai Engineering, and Citi," the government said in a statement.
Yesterday, during the Ukraine Recovery Conference (URC), the European Union announced its intention to provide a long-term support package of €50 billion for the period of 2024 to 2027, covering the reconstruction work and current expenses of the Ukrainian government.