The International Monetary Fund (IMF) announced an almost $16 billion loan package for Ukraine this week, stating that the funds would ensure “macrofinancial stability” in the country.
The financial deal is predicated on the IMF’s assertion that the government of Ukrainian President Volodymyr Zelenskyy is fighting corruption in the country, including reportedly firing a number of government officials accused of graft.
However, the son of President Joe Biden, Hunter Biden, was hired by Ukrainian natural gas giant Burisma for what many conservative critics call a minimal-effort job. The country also ranks in the bottom 100 countries in Transparency International’s corruption perceptions index.
According to the IMF, the eastern European country needs the funds to ensure current stability and rebuild the country when the war ends. The recent loan package would also create a new precedent in the organization by lending to a nation at war.
The international body allowed for the unusual aid package due to new rules that allowed such funding in circumstances of “exceptionally high uncertainty.”
The IMF loan comes at a time in which Ukraine has significantly increased its military budget while its economy is in freefall. In 2022, the country’s GDP fell by about 30%.
The Ukrainian government has received more than $100 billion in assistance, with the largest share coming from the United States under President Joe Biden.
Biden’s aid packages were approved by Congress after sharp criticism from some Republicans in Congress.
This includes high-profile opposition to American funding for Ukraine’s war effort by Rep. Marjorie Taylor Greene (R-GA) and new Sen. J.D. Vance (R-OH). Taylor Greene argued that the federal government sent billions to Ukraine, but has yet to announce a comprehensive relief package for the area around the Feb. 3 train derailment in East Palestine, Ohio.
Marjorie Taylor Greene said last night: "$40 billion for Ukraine, but there's no baby formula for American mothers and babies… Stop funding regime change and money laundering scams." Here's how Jamie Raskin responded on behalf of House Democrats, now a 100% war-crazed party pic.twitter.com/WrsolkggKg
— Michael Tracey (@mtracey) May 11, 2022
In particular, Vance and other Republicans called for increased oversight of the funds and equipment sent to Ukraine. This totaled more than $120 billion in 2022 alone.
Almost $27 billion of this funding came directly from the federal government’s Economic Support Fund, while billions more were sent in American equipment and military aid.