US to Transfer Over $87Mln for Ukrainian Loan Guarantees - White House

The additional transfer to Kiev follows the $2 billion in loan guarantees that Washington has already committed earlier in 2015.

WASHINGTON (Sputnik) — US President Barack Obama has authorized the transfer of more than $87 million in additional funds for Ukrainian loan guarantees, the White House announced in a statement on Tuesday.

“[S]igned by the President today is a memorandum to the Secretary of State on a Delegation of Authority to Transfer Certain Funds in Accordance With Section 610 of the Foreign Assistance Act of 1961, for Ukraine loan guarantees,” the White House statement read.

The United States will take money from three existing budgets and will transfer them to its Overseas Contingency Operations and Economic Support (ESF-OCO) account, according to the White House.

The funds include $44.9 million from the International Narcotics Control and Law Enforcement budget, $10.5 million from its Foreign Military funds and $32.1 million from the Nonproliferation, Antiterrorism budget.

The additional transfer in loan guarantees to Kiev follows the $2 billion in loan guarantees that Washington has already committed earlier in 2015.

Meanwhile, as the Ukrainian economy faces major blows to its economy from the year-long military conflict in the Donbass region, the International Monetary Fund (IMF) has also agreed to provide Kiev with $10 billion in financial assistance in 2015.

This IMF assistance is part of a $40 billion package of overall international aid to Ukraine.

To receive the full amount of the IMF funds, Ukraine has agreed to a severe austerity program that includes shedding 24,000 government jobs, raising taxes, privatizing state assets and withdrawing subsidies on natural gas.