The Treasury Department today announced the delivery of $1.3 billion in economic aid to Ukraine, as the United States seeks to help the beleaguered nation respond to the enormous financial impact of Russia’s invasion.

The transferred funds – the first of $7.5 billion in economic aid approved by Congress last month – comes amid new estimates that Ukraine’s economy and infrastructure have suffered extensive damage from the war. Ukraine faces a monthly budget deficit of $5 billion and has sustained more than $100 billion in direct damage to its civilian infrastructure alone, according to analysts at the Kyiv School of Economics. The World Bank previously estimated that Ukraine’s economy could contract by as much as 45 percent this year.

The $1.3 billion represents more than double what the United States had previously approved through any prior grant of economic assistance to Ukraine, although the Biden administration has already devoted billions in military assistance to the country as well. Treasury aims to disburse the fully $7.5 billion in economic aid by the end of September.

“With this delivery of economic assistance, we reaffirm our resolute commitment to the people of Ukraine as they defend themselves against [Russian President Vladimir] Putin’s war of aggression and work to sustain their economy,” Treasury Secretary Janet L. Yellen said in a statement. “The Treasury Department, together with the State Department and USAID, continues to move swiftly to ensure that President Biden’s package of support, approved by Congress, will reach those in need as quickly as possible.”... Read More: Washington Post