Out of the $50bn pledged by the G7, the United States plans to provide a $20bn loan to Ukraine.
Deputy National Security Advisor Daleep Singh explained at a press conference that $30bn of the loan will come from the EU, the UK and Japan.
‘The G7 will begin disbursing aid to Ukraine by the end of this year so that we can meet Ukraine's immediate needs as winter approaches, while sending an unequivocal message: The United States and its G7 partners will not get tired,’ Singh said.
He noted that the United States will provide at least $10 billion in loans through economic support through a World Bank fund.
‘The United States also hopes to provide up to $10 billion in military support, but our ability to do so is contingent on Congress taking action by mid-December to make certain legislative changes that would allow us to provide military support loans as part of this broader G7 initiative,’ the White House deputy national security adviser said.
Singh stressed that ‘in any case, the United States will provide $20 billion in support to Ukraine, regardless of whether that support is split between economic and military or provided only as economic assistance.’
Washington will now work with Kyiv to sign loan agreements to start disbursing funds to Ukraine by the end of this year. This issue will be discussed at a meeting of G7 finance ministers. The meeting will take place either at the end of this week or early next week.
Singh added that the Biden administration needs authority from Congress to increase the amount of foreign military funding the US can provide to Ukraine, as well as to make certain technical changes that will allow the loan to be split between economic and security assistance. ‘And we'll be talking to Congress between now and December to assess those chances,’ the White House deputy national security adviser said.