Amid a crisis in Ukraine and the Eastern European country proposing a top economic legislator as the next prime minister, United States Secretary of State John Kerry announced that it is planning a $1 billion loan guarantee to Ukraine. The U.S. will work with the International Monetary Fund and other international organizations to allocate the funds.
Furthermore, Kerry told reporters Wednesday that the White House is considering additional direct assistance for Ukraine. It is believed that President Obama will garner strong congressional support for the aid.
“I don’t think it’s enough to be heralding the advent of democracy and not doing anything,” Kerry said. “We don’t know yet the full financial dilemma facing them, although we know it’s pretty dire.”
The interim Ukrainian interim government is seeking as much as $35 billion in order to avoid default after President Viktor Yanukovich was kicked out of office by the large number of protesters. The U.S. government, which has urged Russia not to get involved, will attempt to speed up the aid process.
“For a country that has spoken out so frequently in the last year that I’ve been secretary of state and so strongly against foreign intervention in Libya, Syria and elsewhere, it would be important for them to heed those warnings as they think about options in the sovereign nation of Ukraine,” Kerry stated. “I don’t think there should be any doubt whatsoever that any kind of military intervention that would violate the sovereign territorial integrity of Ukraine would be a grave mistake.”
Arseniy Yatsenyuk, a former millionaire banker, is being considered as the country’s new prime minister.
This isn’t the first time that the U.S. has handed out money at a time when its own fiscal structure isn’t strong. Taxpayers have been forced to give billions to Libya, Egypt and other Middle Eastern and Asian countries.
At the present time, the U.S. is considering cutting payment and retirement benefits to military personnel and active-duty troops. Also, the U.S. faces an immense national debt, budget deficit and unfunded liabilities and expenditures.