Biden administration calls on Congress to approve $11.8 billion for Ukraine defense, Investing.com reports

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The Biden administration has issued a collective appeal to Congress seeking approval of a $11.8 billion funding request to provide direct budgetary support for Ukraine’s defense. Key figures on the call included Defense Secretary Lloyd Austin III, Secretary of State Antony Blinken, Treasury Secretary Janet Yellen and USAID’s Samantha Power.

This request is part of the fiscal year 2024 national security supplemental request. The proposed funding is considered critical to U.S. national security interests and reflects the U.S. commitment to Ukraine and is underpinned by strong transparency and oversight measures. This financial aid is intended to strengthen Ukraine’s ability to withstand economic warfare and Russian aggression.

The $11.8 billion requested is down from the $14.4 billion provided for fiscal 2023. The decrease was attributed to increased global aid from international entities such as the European Union, the G7, the International Monetary Fund and Canada, as well as further support from the European Union. However, disbursement of this aid is dependent on Ukraine implementing necessary governance and anti-corruption reforms.

Without this financial support, Ukraine’s chances of receiving a massive $15.6 billion in funding from the International Monetary Fund could be jeopardized. This is of major concern as Ukraine’s military spending currently exceeds 100% of tax revenue. The proposed funding is intended to meet Ukraine’s remaining budget needs while allowing the country to defend its territorial sovereignty and fundamental freedoms.

This article was created and translated with the help of artificial intelligence and reviewed by an editor. For more information, please see our terms and conditions.

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