UK doles out additional $500 million in loan guarantees for Ukraine’s damaged schools, hospitals

London: The United Kingdom has committed to provide an additional $500 million in loan guarantees to Ukraine, taking the total amount given to Kyiv this year to $1 billion, British finance minister Jeremy Hunt said on Wednesday. The British finance minister said the loan guarantees had been important to underwrite a broader $15.6 billion four-year package of support for Ukraine from global lender– the International Monetary Fund, whose Spring Meetings he is attending in Washington. “This funding will boost Ukraine’s economic resilience and bolster its resistance against Russia,” he said in a statement. The fresh loan guarantee was first outlined in a written statement to British parliament last month. Britain has now pledged a total of 6.5 billion pounds ($8.1 billion) of support for Ukraine since Russia’s invasion in February 2022, and the latest loan guarantees will help finance Ukrainian public services such as damaged schools and hospitals in the rebuilding initiative, the finance ministry said. Hunt also added that he had finalised an extra $670 million for the IMF’s Poverty Reduction and Growth Trust, and $3.3 billion for the IMF’s Resilience and Sustainability Trust, which supports energy projects and projects to combat global climate change. “Our support for other countries comes at a time when I am deeply focussed on getting the UK’s economy growing, and our plan for that is working as we’re on track to halve inflation this year,” he said. Dragged down by recession fears, British inflation is expected to average 6.8% in 2023 according to the IMF, down from 9.1% in 2022 but above the 5.3% projected for the euro zone. On Tuesday the IMF upgraded its outlook for Britain’s economy but still expects the British gross domestic product (GDP) to contract more this year than in any other major Western economy. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook , Twitter and Instagram .