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Ukraine Will Need $5 Billion Monthly To Keep Economy Functioning

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Ukraine will need an estimated $5 billion per month to cover essential government services and keep its economy functioning, according to head of the International Monetary Fund (IMF).

“Kristalina Georgieva, the IMF’s managing director, said at a news conference that the estimate for the next three months was conveyed by Ukraine’s finance ministry officials, ahead of this week’s meeting of the IMF and the World Bank,” The Wall Street Journal reported. “Financial support for the countries affected by the war in Ukraine is among the main topics for finance ministers and central bankers gathered in Washington.”

“The budgetary shortfall results from a plunge in the country’s tax revenue to roughly half of its prewar level, as well as increased spending to cover urgent needs such as caring for wounded soldiers and displaced citizens,” the outlet continued. “Ms. Georgieva added that the estimate doesn’t include what will be a massive cost for the country’s reconstruction after the war.”

The IMF also projected on Monday that Ukraine’s economy will contract by 35% this year, and the damage the country has already suffered as a result of the Russian invasion will severely hinder its economic activity for many years.

“A big part of the economy is not functioning,” Georgieva said, according to The Wall Street Journal. “Therefore, filling this financial gap is best done by relying on grant financing.”

The news comes the week after President Biden announced an additional $800 million in weapons and other military aid for Ukraine, and as the Biden administration is reportedly considering sending another $800 million to the country this week.

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International

Biden Admin Announces Eased Restrictions On Cuba

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Joe Biden

On Monday, the Biden administration announced that it is easing restrictions on Cuba in order to help support the Cuban people.

“The Cuban people are confronting an unprecedented humanitarian crisis — and our policy will continue to focus on empowering the Cuban people to help them create a future free from repression and economic suffering,” the State Department said.

The Biden administration’s changes include reduced restrictions on travel, along with removing “the current limit on family remittances of $1,000 per quarter per sender-receiver pair and will authorize donative (i.e., non-family) remittances, which will support independent Cuban entrepreneurs.”

The move received backlash as many argued that reduced restrictions on Cuba will only benefit the Cuban dictatorship. According to Republican Florida Governor Ron DeSantis, the decision marks another policy failure by President Biden.

“Biden’s plan to prop up the Cuban dictatorship represents yet another failure when it comes to standing for freedom in our hemisphere,” DeSantis wrote on Twitter.

“Money from ‘tourism’ will go into the pockets of the Cuban regime – and will help fortify the government against those seeking freedom in Cuba,” he added.

The news comes a week after DeSantis announced that November 7 will now be Victims of Communism Day in Florida.

“Today, I established November 7th as Victims of Communism Day to honor those who have suffered under communism and remind people of the destruction communism has caused worldwide, including a death toll exceeding 100 million,” DeSantis wrote on Twitter. “In Florida, we will tell the truth about communism.”

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International

Report: Ukraine Sunk Russian Warship By Using US Intel

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Ukraine sunk the Russian warship Moskva last month using United States intelligence, according to a new report from NBC News.

“A guided missile cruiser carrying a crew of 510, the Moskva was the flagship of Russia’s Black Sea Fleet,” NBC News reported. “It sank on April 14 after being struck by two Ukrainian Neptune anti-ship missiles, U.S. officials said. Moscow said the vessel sank after a fire. The Moskva was the largest Russian warship sunk in combat since World War II. American officials said there were significant Russian casualties, but they don’t know how many.”

“The attack happened after Ukrainian forces asked the Americans about a ship sailing in the Black Sea south of Odesa, U.S. officials told NBC News,” the outlet added. “The U.S. identified it as the Moskva, officials said, and helped confirm its location, after which the Ukrainians targeted the ship.”

The news comes the day after a report from The New York Times revealed that the United States has provided Ukraine with intelligence on Russian military units that has enabled the country to kill multiple Russian generals.

“The targeting help is part of a classified effort by the Biden administration to provide real-time battlefield intelligence to Ukraine,” The New York Times reported. “That intelligence also includes anticipated Russian troop movements gleaned from recent American assessments of Moscow’s secret battle plan for the fighting in the Donbas region of eastern Ukraine, the officials said. Officials declined to specify how many generals had been killed as a result of U.S. assistance.”

“The United States has focused on providing the location and other details about the Russian military’s mobile headquarters, which relocate frequently,” the outlet added. “Ukrainian officials have combined that geographic information with their own intelligence — including intercepted communications that alert the Ukrainian military to the presence of senior Russian officers — to conduct artillery strikes and other attacks that have killed Russian officers.”

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