The loan is extended as part of the G7 countries' Extraordinary Revenue Acceleration (ERA) initiative, which totals $50 billion.
“The $50 billion collectively being provided by the G7 through this initiative will help ensure Ukraine has the resources it needs to sustain emergency services, hospitals, and other foundations of its brave resistance,” the announcement quoted Treasury Secretary Janet Yellen.
“Together with America’s security assistance to Ukraine and the steps we will continue to take to decisively tighten sanctions on Russia, this action will further position Ukraine to defend its sovereignty and achieve a just peace.”
Ukrainian PM Denys Shmyhal later announced the funds have already been transferred to the Strengthening Ukraine Financial Intermediary Fund (F.O.R.T.I.S. Ukraine FIF), administered by the World Bank.