Highlights from US Treasury Secretary Yellen's surprise Ukraine visit

Following US President Joe Biden, Treasury Secretary Janet Yellen also paid a surprise visit to Ukraine. Janet Yellen, who entered Kiev under the shadow of Russian drone strikes and accompanied by sirens, met with Ukrainian leader Volodymyr Zelenskiy here Following US President Joe Biden’s visit to the capital of Ukraine, Kiev on the first anniversary of Russia’s invasion of Ukraine, US Treasury Secretary Janet Yellen also went to Kiev and met with Ukrainian President Zelenskiy. US Treasury Secretary Yellen’s visit to Kiev was a high-profile visit regarding the US commitment to support Ukraine’s defense against Russian invasion, including financial assistance. Secretary Yellen discussed with Ukrainian officials the details of approximately $10 billion in financial assistance that is part of the $45 billion package of measures approved by the US Congress last December to support Ukraine. During her visit to Kiev, Secretary Yellen emphasized that Ukraine is not alone and that the first portion of economic aid, $1.2 billion, has been delivered. In a statement made by the US Treasury Department, it was stated that Secretary Yellen welcomed the Zelenskiy administration’s anti-corruption activities. It is known that the Ukrainian government’s anti-corruption activities are important for the US to be able to ensure that its economic aid is used responsibly. It was reported that during the meeting between Secretary Yellen and Ukrainian officials, they exchanged views on narrowing Russia’s economic space, imposing new sanctions, and possible new steps against other countries that assist Russia. It is estimated that the Ukrainian economy shrank by more than 30% last year due to the war. It is estimated that Ukrainian President Zelenskiy’s government, which has been unable to borrow from international bond markets, will need approximately $38 billion in financing from the US, the European Union, and other international backers this year. IMF Director Kristalina Georgieva also went to Ukraine on February 21. An IMF program for Ukraine is expected to be put into effect under US pressure by the end of March.