Translated by:  MOS Translation Team – Beyond X

Japan signed a 13 billion yen (US$100 million) loan agreement with Ukraine on Monday to provide financial assistance as Ukraine faces an economic crisis due to Russia’s invasion, reported on May 16th.

Japan International Cooperation Agency (JICA) said the aid would be co-financed with the World Bank and incorporated into the Ukrainian government’s budget. Ukraine will not use these funds for military purposes. 

JICA said the loan aims to promote de-monopoly and anti-corruption institutions, strengthen land and credit markets, and bolster the social safety net. 

JICA head Akihiko Tanaka and Ukrainian Finance Minister Sergii Marchenko signed the agreement online. 

“Invasions and humanitarian crises are the greatest challenges to international order and common values of democracy and the rule of law this century,” Tanaka said at the signing ceremony. 

Marchenko responded: “Millions of Ukrainians are now fighting not only for the independence of our country, but also for the security of Europe and the democratic values of the whole world.” 

The agreement came after a statement by Prime Minister Fumio Kishida in April that Japan would increase its total yen loan to Ukraine to $300 million. 

Quick Comment: The Ukrainian economy has suffered losses heavily due to the war. This news only mentions the loan agreement signed by Japan for financial assistance, stating that it will not be used for military purposes. War is money, and the costs required for post-war reconstruction are even more staggering. 

Reference link: https://gnewsapp.com/post/p2541711/

Proofread by:  MachineCat

Edited and Posted by:  MachineCat

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