WASHINGTON—U.S. Treasury Secretary Janet Yellen on Wednesday called for continued significant aid to Ukraine as it battles against Russia’s invasion, and lauded Ukrainian authorities for their focus on good governance and anticorruption.
Yellen, who paid a surprise visit to Kyiv in February, spoke at the start of a ministerial meeting on Ukraine during the spring meetings of the International Monetary Fund, where Ukrainian President Volodymyr Zelenskyy also spoke.
“Supporting Ukraine is a collective effort. We welcome the efforts by our allies and partners to provide significant, predictable, and timely assistance, and urge all of us to continue doing so,” Yellen said.
A senior Treasury official on Monday said the United States has provided close to $50 billion in assistance to Ukraine over the past year, including over $23 billion in budget support to keep government services running.
Yellen said Zelenskyy’s government had “provided a steady hand for Ukraine amid Russia’s horrific war,” with economic activity recovering and critical government services being provided.
“I commend your ongoing focus on good governance and anticorruption. Your commitment to making sure that international assistance is being used responsibly is essential,” Yellen said.
She said the United States had plans to provide additional aid through September—all as grants—and to support Ukraine’s energy security and early recovery efforts, but gave no details.
World Bank President David Malpass on Tuesday underscored the need for Western European countries to join international financial institutions in rebuilding Ukraine, citing what he called the “daunting” size of the needs involved.
A recent report estimated it would cost $411 billion to rebuild Ukraine’s economy, or 2.6 times its expected 2022 gross domestic product. The number, calculated by the World Bank, United Nations, European Commission and Ukraine, was up sharply from an estimate of $349 billion released last September.
Yellen said a recent $15.6 billion lending program agreed by the IMF would anchor international support “in a sound macroeconomic framework and catalyze further reforms essential to Ukraine’s recovery.”
