Ukraine Reports Lacking Funds

Posted on 12/28/2023

Public service workers and retirees are fretting as their primary source of funds is coming up short. After the White House and Europe expected to send US$ 54 billion to Ukraine, U.S. President Joe Biden had to scrape together a reduced package of US$ 250 million. This will be the final package for the year. Secretary of State Antony Blinken said: “This package provides up to US$ 250 million of arms and equipment under previously directed drawdowns for Ukraine. Capabilities provided in today’s package include air defense munitions, other air defense system components, additional ammunition for high mobility artillery rocket systems, 155mm and 105mm artillery ammunition, anti-armor munitions, and over 15 million rounds of ammunition.”

Pension Uncertainty

A new report out of the Financial Times using Deputy Prime Minister Yulia Svyrydenko as a source indicates that Ukraine’s pensions depend on the U.S. to pay out benefits. Money from the U.S. has been slow in coming with the most recent intended aid package facing significant political challenges. On the subject of U.S. funds, Svyrydenko told the paper “We need it.” However, Svyrydenko later walked back those statements hinting at an unknown source of funding. Following the comments, Minister of Social Policy, Oksana Zholnovych was quick to jump into the discussion saying pensions would be paid but indexing may be put on hold. It is not clear what source of funds the pensions are relying on or whether they have a stockpile of cash. Furthermore, it is unclear why Svyrydenko said U.S. money was needed while Zholnovych said it was not necessary. There are nearly 12 million people who receive payments.

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