💰 U.S. grows frustrated over Europe’s delayed economic aid to Ukraine

TL;DR

Yellen also raised the issue at a private meeting this week at the International Monetary Fund with European Commission Executive Vice President Valdis Dombrovskis and European Economy Commissioner Paolo Gentiloni, according to a person familiar with the matter who spoke on the condition of anonymity to describe private meetings.New projections from the World Bank last week suggest that Ukraine’s economy will contract by 35 percent this year, and the country’s financial officials say inflation could hit 40 percent early next year — close to economists’ definition of “hyperinflation.” Even as the situation on the battlefield has turned in Ukraine’s favor, the nation’s exports have plummeted, tax revenue has crumbled, millions of people have fled and Russian attacks have pulverized critical infrastructure, including the electrical grid.“We are calling on our partners and allies to join us by swiftly disbursing their existing commitments to Ukraine and by stepping up in doing more — both to help Ukraine continue its essential government services and to help Ukraine begin to build and recover,” Yellen said Tuesday.“The scale, predictability and grant component of disbursements must improve.” Both Ukrainian and U.S. officials are careful not to antagonize their European allies with harsh public condemnations but have still conveyed their sense that the commission is moving too slowly.All this needs to be taken into account when discussing the overall extent of the support and assistance,” a European official added, speaking on the condition of anonymity to frankly reflect the E.U.’s position."

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