Business news from Ukraine

US allocates $4.5 bln to Ukraine through World Bank

The World Bank Group on Monday, August 8, announced an additional $4.5 billion in grant funding to Ukraine from the United States under the PEACE project, which aims to help the government meet urgent needs caused by the ongoing war.
The United States, through the United States Agency for International Development (USAID), in coordination with the U.S. Treasury Department, is providing an additional $4.5 billion in direct budgetary support to the government of Ukraine to help mitigate the severe budget deficit caused by Putin’s brutal military aggression. USAID release.
According to him, the government of Ukraine will receive funding in tranches, starting with a payment of $3 billion in August.
The World Bank indicates that the additional funding will help maintain the government’s ability to perform core functions at the national and regional levels.
In particular, the funds will help the government of Ukraine cover social benefits, medical services and pensions that are necessary for the well-being of the country’s citizens and mitigating the social and economic consequences of the war.
“Ukraine needs the continuation of public services, including health care, education and social protection, to prevent further deterioration of living conditions and poverty,” World Bank Group President David Malpass said in the release.
He thanked the United States for its continued support through the World Bank’s rapid support mechanisms and for a generous grant that will greatly support the Ukrainian people.
The bank clarified that the additional funding is in addition to the $1.49 billion Investment Project Financing (IPF) approved in June 2022. To date, the World Bank has mobilized almost $13 billion in emergency funding, including commitments and pledges from donors, to support the continuation of essential public services in Ukraine and mitigate the effects of the war. As of the end of July 2022, more than $6.3 billion has been disbursed from this funding.

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Chinese FM says countermeasures against Nancy Pelosi’s visit will be felt on island and in US

Beijing’s countermeasures against the visit of Speaker of the US House of Representatives Nancy Pelosi to Taiwan will be powerful, they will be felt both in the US and on the island itself, CGTN TV channel reported on Wednesday.
“Special Chinese countermeasures against Pelosi’s visit to the Taiwan region will be strong, powerful and effective, and will be constantly felt by the authorities in the United States and Taiwan,” Chinese Foreign Ministry spokesman Hua Chunying said on the channel.
She also stated that the speaker’s visit to Taiwan is not related to democracy and concerns the issue of China’s sovereignty and territorial integrity.
Pelosi arrived in Taiwan late Tuesday despite strong protests from China.

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First Lady of Ukraine Zelenska discussed humanitarian projects with First Lady of US

First Lady of Ukraine Olena Zelenska and First Lady of the United States Jill Biden discussed the National Program for Mental Health and Psychosocial Support, as well as a number of humanitarian projects, during the meeting, the press service of the Office of the President of Ukraine reports.
“As part of her visit to the United States, First Lady of Ukraine Olena Zelenska met with First Lady of the United States of America Jill Biden at the White House. The wife of the Ukrainian head of state was also met on the porch of the White House by US President Joseph Biden and Vice President Kamala Harris. During the event, discussed the National Program for Mental Health and Psychosocial Support, the implementation of which was launched in Ukraine,” the message posted on the website on Wednesday evening reads.
It is noted that for the implementation of the National Program for Mental Health and Psychosocial Support, “expert consultations of foreign, including American, specialists in overcoming the consequences of traumatic situations caused by the war are needed.”
“The first ladies of Ukraine and the United States paid considerable attention to a number of humanitarian projects aimed at alleviating the suffering of people affected by the war. In particular, they talked about the treatment of Ukrainian children in the United States and their prosthetics in American clinics, as well as a number of educational initiatives and assistance to temporary internally displaced persons,” the statement said.
In addition, Zelenskaya met with Douglas Emhoff, the husband of Vice President Kamala Harris.
The meeting, which was held in an expanded format, was also attended by US Ambassador to the UN Linda Thomas-Greenfield, US Chief Medical Officer Vivek Merty, Assistant Secretary of State for Political Affairs Victoria Nuland, USAID First Deputy Administrator Isabelle Coleman, US National Security Council Senior Director for Europe Amanda Sloat.
The First Lady of Ukraine emphasized that “the main thing today is the supply by the United States of Ukraine of powerful precision weapons that will help us protect children and civilians, as well as accelerate victory in the war.”
In addition, Zelenskaya “told about the project ‘The Book of the Executioners of the Ukrainian People’, which collects confirmed data on war criminals from the Russian army.”
The wife of the head of the Ukrainian state thanked the United States for significant efforts in the UN for isolation and deprivation of a seat in the UN Human Rights Council of the Russian Federation, as well as for condemning Russia, and called for further strengthening of sanctions and recognizing the Russian Federation as a state sponsor of terrorism.
On the second day of her visit to the United States, Olena Zelenska had lunch with influential American women.
It was attended by Marcy Kaptur – congresswoman, co-chair of the Ukrainian caucus in Congress; Robin Dunnigan – Deputy Assistant Secretary of State for European and Eurasian Affairs; Dr. Beth van Skak, US Department of State Ambassador-at-Large for Global Criminal Justice, and others.
“The concept of a “strong woman” is the same in Ukraine and in America: a woman takes responsibility and makes decisions in the most difficult situations. She told the American “power women”, among whom are diplomats and senators, about strong Ukrainian women. This is how each of us is now “About those fighting in the ranks of the Armed Forces of Ukraine, who go to work under shelling, who start all over again in a new place for the sake of children. We have a whole country of power women!”, the First Lady of Ukraine stressed.

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UKRAINIAN MINISTRY OF FINANCE EXPECTS NEXT MAJOR GRANT FROM US IN JULY

The Ministry of Finance of Ukraine, which received the first grant from the United States on June 29 as part of a $7.5 billion state budget financing package, expects the next tranche to arrive in July.
“The support of our partners accelerates Ukraine’s victory. We have just received the first grant from the United States – $1.3 billion. We expect the next grant from the United States in July,” Finance Minister Sergei Marchenko wrote on Thursday night.
He clarified that the funds were received through the mechanism of the World Bank’s Multi-Donor Trust Fund as part of additional financing for the project “Public Expenditure Support to Ensure Sustainable Public Administration in Ukraine.”
Marchenko thanked the teams of the World Bank, the government, the Ministry of Finance and the Ukrainian Embassy in the United States for their well-coordinated work and the opportunity to receive these funds as quickly as possible.
In May, the US Congress passed a bill on the allocation of assistance to Ukraine in the amount of $40 billion, including $7.5 billion to finance the state budget.

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US INTENDS TO BUILD GRANARIES IN POLAND TO FACILITATE EXPORT OF UKRAINIAN GRAIN – JOE BIDEN

The United States intends to build granaries in Poland on the border with Ukraine to facilitate the export of Ukrainian grain to Europe by rail, US President Joe Biden said on Tuesday.
“We are going to build temporary granaries on the border with Ukraine – in Poland,” he said during a speech broadcast by the White House on Tuesday.
Biden noted that this plan, if implemented, would allow exporting grain from Ukraine to Europe, and from there to other parts of the world. He said that he is currently “working closely with European partners to release 20 million tons of wheat from Ukraine to world markets.”
The US President also acknowledged that the plan “will take time” to implement.

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US PLANS TO ALLOCATE $1.5 BLN TO UKRAINE MONTHLY IN COMING MONTHS

The United States authorities intend to send about $1.5 billion a month to Ukraine to support the work of the government, Dereck Hogan, the Principal Deputy Assistant Secretary in the Bureau of European and Eurasian Affairs, said.
He said at a seminar at the Woodrow Wilson Center in Washington they had already allocated $1 billion for these purposes through various mechanisms and intended to send about $1.5 billion more monthly during 4-5 months.
The official noted that direct support for Ukrainian authorities is one of the priorities of the administration of President Joe Biden.
He said that the US should take into account the medium and long term, and now the US efforts should be focused on ensuring the work of the government of Ukraine.
The United States and NATO allies are continuing massive arms and ammunition deliveries to Ukraine. Mykhailo Podoliak, the adviser to the head of the Ukrainian President Office’s, said earlier that Kyiv would like to receive 300 multiple launch rocket systems from the West.
At the same time, US officials, both former and incumbent, warn of the need to establish control over the use of aid provided by the United States to Kyiv.

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