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Yellen Plans IMF Financing Program for War-torn Ukraine

The US treasurer's announcement comes as European finance chiefs endorse a $15.5 billion IMF loan program for Ukraine
Published: February 27, 2023
U.S. Treasury Secretary Janet Yellen speaks during her roundtable with India's technology leaders on the sidelines of G20 finance ministers' meeting on the outskirts of Bengaluru, India, February 25, 2023. (Image: REUTERS/Samuel Rajkumar)

WASHINGTON, D.C. — U.S. Treasury Secretary Janet Yellen on Monday (Feb. 27) backed completion of a “fully financed and appropriately conditioned” program for Ukraine with the International Monetary Fund (IMF) by the end of March, the Treasury said in a statement.

The U.S. Treasury said Yellen, who made a surprise visit to Kyiv on Monday, days after the first anniversary of Russia’s invasion, met with Ukrainian Finance Minister Serhiy Marchenko and commended his work to stabilize Ukraine’s economy and stay focused on economic reforms as the war continued.

She also expressed support for creation of a multi-agency donor coordination platform for Ukraine to help the country address near-term recovery and future reconstruction needs together with international partners, Treasury said.

Yellen’s comments reflect growing momentum toward agreement on a new IMF financing package for Ukraine, coming days after the Fund’s Managing Director Kristalina Georgieva also visited Kyiv.

French Finance Minister Bruno Le Maire told reporters on Friday that European finance chiefs have endorsed a $15.5 billion IMF loan program for Ukraine, a sum in line with that given last week by Ukrainian Prime Minister Denys Shmyhal.

Yellen spoke with Georgieva before leaving Washington to attend the Group of 20 meeting in India, and senior Treasury officials were in daily touch with IMF counterparts about the Ukrainian program, a Treasury official said.

Yellen and Treasury officials also had conversations at the G20 with counterparts about an IMF program for Ukraine, the official said.

Reporting by Andrea Shalal and Kanishka Singh in Washington. Editing by Leslie Adler and Matthew Lewis.