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OPEC’s Oil Output Drops for the First Time Since July

OPEC’s Oil Output Drops for the First Time Since July

OPEC’s crude oil production dropped…

Ukraine Receives First Tranche Of $5 Billion EU Aid Package

Ukrainian Prime Minister Denys Shmyhal says Kyiv received 2 billion euros ($1.97 billion) in financial assistance from the European Union on October 18 -- the first tranche of a 5 billion-euro ($4.91 billion) EU package following Russia's unprovoked invasion.

"The additional financial resource will help to cover urgent budgetary expenses, in particular for the social and humanitarian spheres," Shmyhal wrote on the Telegram messaging app.

The European Council approved the 5 billion euros in financial assistance on September 20.

Shmyhal said Ukraine this year received a total of 4.2 billion euros ($4.13 billion) in macrofinancial assistance from the EU.

Shmyhal later met virtually with U.S. Treasury Secretary Janet Yellen, who acknowledged Ukraine's significant financing needs next year for critical government services and recovery projects.

Yellen also emphasized the need for "inclusive coordination across international partners to help Ukraine begin to rebuild and recover," the Treasury Department said in a statement after the meeting on October 18.

Yellen reaffirmed the U.S. commitment to support Ukraine, the Treasury Department said, adding that it is working swiftly to disburse $4.5 billion in recently approved budget support.

The meeting came as Ukrainian officials and International Monetary Fund (IMF) staff began talks in Vienna on the country's longer-term economic plans and fiscal needs.

Related: Chinese Steel Manufacturers On The Brink Of Bankruptcy

The IMF's executive board earlier this month approved Kyiv's request for $1.3 billion in emergency financing through a new facility to address urgent food shocks caused by Russia's war in Ukraine.

At IMF and World Bank annual meetings last week, officials emphasized that the war is the single biggest factor slowing growth and fueling inflation, saying that ending the conflict would be the fastest way to put the global economy on solid footing.


Ukrainian President Volodymyr Zelenskiy told global finance ministers at the IMF and World Bank meetings in a virtual address that Ukraine needed at least $55 billion in the near term, including $38 billion to cover next year's estimated budget deficit and $17 billion to start to rebuild critical infrastructure.


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