Monday, May 27, 2024
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HomeNewsGlobal NewsUK sets out new multi-million dollar economic package of support for Ukraine

UK sets out new multi-million dollar economic package of support for Ukraine

By Caribbean News Global fav

LONDON, England – Foreign Secretary Liz Truss reiterates the UK’s commitment in standing ready to guarantee up to $500 million in loans to support Ukraine and mitigate the economic effects of Russian aggression, reports Foreign, Commonwealth & Development Office, (FCDO).

“Following the Prime Minister’s announcement yesterday, the UK stands ready to offer guarantees of Multilateral Development Bank (MDB) lending for projects that will support economic stability and vital reforms such as tackling anti-corruption. This support will help mitigate economic impacts on Ukraine’s economy due to Russia’s aggression.”

Foreign secretary Truss said:

“We are putting our money where our mouth is and using Britain’s economic expertise and strength to support the people of Ukraine. These guarantees can help inject vital capital into Ukraine and help its economy weather the storm of Russian aggression.

“Britain stands four-square behind Ukraine and its people. We stand ready to offer direct economic support, providing defensive weapons, and exposing Russian attempts to engineer fake pretexts for invasion.”

In December, the UK also increased the amount of financial support available to Ukraine from UK Export Finance (UKEF) – to £3.5 billion – and signed a new treaty that will help Ukraine access the world-class UK supply chain to enhance its naval capabilities.

This economic support comes on top of increased support for military equipment from the ministry of defence and enhanced support to the humanitarian system in Ukraine.

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