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Yellen Urges Marshall Plan for Ukraine to Meet Massive Need
It has been 60 years since a US ally (South Korea) has been as devastated by war.

5.17.22
US Treasury Secretary Janet Yellen issued a call for large-scale economic assistance to Ukraine, warning that the amounts of help pledged to date won’t even meet short-term needs as the nation struggles with the devastation wrought by Russia’s invasion.US Treasury Secretary Janet Yellen issued a call for large-scale economic assistance to Ukraine, warning that the amounts of help pledged to date won’t even meet short-term needs as the nation struggles with the devastation wrought by Russia’s invasion. “Eventually, Ukraine will need massive support and private investment for reconstruction and recovery, akin to the task of rebuilding in Europe after 1945,” Yellen said in a speech in Brussels Tuesday. “What’s clear is that the bilateral and multilateral support announced so far will not be sufficient to address Ukraine’s needs, even in the short term.” The US, which assembled the Marshall Plan to help much of Europe recover after World War II, is currently preparing a $40 billion package for Ukraine, expected to win final passage in the Senate as soon as Wednesday.
“I sincerely ask all our partners to join us in increasing their financial support to Ukraine,” Yellen said. “Our joint efforts are critical to help ensure Ukraine’s democracy prevails over Putin’s aggression,” she said, referring to Russian President Vladimir Putin’s invasion. Yellen also on Tuesday met with European Commission President Ursula von der Leyen, who later tweeted that the discussion included a European Commission aid proposal for Ukraine that’s expected to be unveiled Wednesday. Yellen highlighted the power of US-European cooperation in preventing Russia from trying to “play off some of us against others.” She also said that if Putin continues the war, Washington will work with European and other partners “to push Russia further towards economic, financial, and strategic isolation.” Yellen reiterated US support for helping Europe reduce its reliance on Russia as a source of energy, while calling for further efforts to transition toward renewable sources.
It has been 60 years since a US ally (South Korea) has been as devastated by war.