Since Vladimir Putin’s invasion, Ukraine’s GDP has decreased by 25%, and its central bank is rapidly depleting foreign reserves. Recent attacks by Russia on critical infrastructure have further worsened growth forecasts for the country. Despite these challenges, Ukraine has received funding to ensure it will not run out of weapons anytime soon.
On April 17th, Ukraine received a funding package of $60 billion from American lawmakers, which will help the country maintain its military capabilities. Additionally, the G7 announced plans on June 13th to provide Ukraine with another $50 billion by using Russian central-bank assets frozen in Western financial institutions. These developments are promising but do not eliminate the need for immediate action to address Ukraine’s cash crunch.
Fortunately, Ukraine received a funding package of $60 billion from American lawmakers in April and another $50 billion from the G7 by using Russian central-bank assets frozen in Western financial institutions. Despite these promising developments, Ukraine is still facing a cash crunch that needs to be addressed promptly. In a warning on June 17th, Ukraine’s finance minister emphasized the importance of having strong economies to support strong armies in order to maintain peace and security in the region.
