US Congress approves $12.3 billion aid package for Ukraine
National flags of Ukraine and the US
As the Russia-Ukraine conflict becomes tenser in the backdrop of Putin's fiery speech and Zelensky signing the NATO application form, the US has approved a $12.3 billion aid package for Kyiv.
Reportedly, the US Congress on Friday approved the sum as part of the stopgap spending bill to ensure that critical infrastructure in Ukraine remains running. It was passed by 230 votes to 201 with 10 Republicans favouring the spending.
Of the $12.3 billion, $3 billion will be for arms, supplies, and salaries for Ukraine's military. Meanwhile, $4.5 billion will keep Kyiv's finances stable and the government functioning.
The bill summary added that the legislation would appropriate $35 million "to prepare for and respond to potential nuclear and radiological incidents in Ukraine."
"This new grant assistance is a further demonstration of US confidence in Ukraine and will support critical government operations and provide relief to Ukrainian people suffering under Russia's brutal war," saidTreasury Secretary Janet Yellen.
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"Critically, this funding will also help bolster Ukraine's valiant resistance to Putin's illegal war of aggression. We call on fellow donors to not only speed up their existing disbursements to Ukraine, but also to increase their scale of assistance," she added.
Almost $54 billion in aid money to Ukraine has been approved un until now by Washington this year. As reported by WION, in August, the US sent$4.5 billion tranche of payment, thereby completing the $7.5 billion aid package signed by President Joe Biden in May.
Read more:USA to provide additional $4.5 billion to Ukraine
However, with the war guzzling out the funds quickly and the US reaching its saturation point, experts have cast worries over Ukraine's inability to raise funds or access financing from external markets.
If the current trend continues, Ukraine's annual deficit could rise to 25 per cent of GDP, which only stood at 3.5 per cent prior to the war.
Meanwhile, the naysayers back in the US have critiqued the Biden government saying that his own people are undergoing an economic crisis, only exacerbated by hurricane Ian.
(With inputs from agencies)
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