The United States will give Ukraine $1 billion in loan guarantees, Secretary of State John Kerry announced Wednesday. The aid comes as the country attempts to restore order following the ouster of former president Viktor Yanukovich and impending economic troubles.
The political crisis in Ukraine has pit the allies of ousted president Yanukovich, who sparked a popular uprising by pulling out of a European trade deal in favor of closer ties with Russia, against opposition groups favoring closer ties with the West. Acting president Oleksander Turchinov warned Monday that his country was “heading into the abyss” and desperately in need of foreign aid. Kerry told reporters at the State Department that it was “urgent to move forward” with financial assistance to Ukraine and that the country needs to move with equal urgency in cutting down on corruption and holding free elections, the Associated Press reports.
The U.S. loan is expected to be part of a much larger international aid package including contributions from European countries and global financial bodies.
More Must-Reads From TIME
- Inside the White House Program to Share America's Secrets
- Meet the 2024 Women of the Year
- East Palestine, One Year After Train Derailment
- The Closers: 18 People Working to End the Racial Wealth Gap
- Long COVID Doesn’t Always Look Like You Think It Does
- Column: The New Antisemitism
- The 13 Best New Books to Read in March
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time
Contact us at firstname.lastname@example.org