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Ukraine navigates financing war without $30bn foreign aid

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Ukraine is grappling with a pressing financial dilemma.

Despite promises of substantial financial and military aid from its primary backers, the United States and the European Union, these commitments have been cast into uncertainty due to internal disagreements in Washington and Brussels.

While political leaders maintain that these aid packages will eventually be approved, the timing is of utmost importance for Ukraine.

The country is confronted with a financial shortfall of over $40 billion this year, only slightly less than the gap observed in 2023.

Approximately $30 billion of this deficit was anticipated to be covered by funding from the U.S. and the EU.

This crucial funding is indispensable for sustaining the government, financing salaries, pensions, and subsidies for the population.

Efforts have been made to address the situation, including the introduction of a windfall tax on banks, reallocation of certain tax revenues, and an increase in domestic borrowing, which is projected to cover budgetary expenditures until February, according to the Ukrainian Ministry of Finance.

Urgency for additional funding

However, these measures are considered insufficient, and the sense of urgency for additional funding is widely shared among Ukraine’s partners.

If foreign aid does not arrive promptly, the government may be compelled to take drastic measures to conserve cash.

Such measures could include delaying salary payments or increasing borrowing from domestic banks and investors.

Ultimately, Ukraine may be pushed into the perilous strategy of printing more money, a path that has led to economic crises in countries like Venezuela.

Ongoing conflict

Ukraine’s financial stability is closely linked to its ability to continue fighting the ongoing conflict.

Russia, with its significantly larger economy, initially felt the pinch of Western sanctions but subsequently rebounded by finding new oil buyers and prioritizing military production.

In contrast, Ukraine’s struggle to maintain economic stability poses a significant challenge when combating a more substantial adversary.

The concerns over Ukraine’s financial stability have had a detrimental effect on its national currency, the hryvnia.

The central bank’s efforts to stabilize the currency have resulted in a net expenditure of $3.6 billion in December, marking the most substantial monthly intervention since the early stages of the war.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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Trump returns to the White House and sets historic agenda

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In a historic moment for U.S. politics, President-elect Donald Trump visited the White House to meet President Joe Biden, signaling a significant step in the peaceful transfer of power.

This marked Trump’s first return to the nation’s capital since leaving office, and the meeting provided an opportunity for the two leaders to engage in a private, comprehensive discussion.

Key topics on their agenda included pressing international issues, notably the conflicts in Gaza and Ukraine, as well as challenges surrounding government funding.

This encounter underscores the continued importance of bipartisan dialogue amid global and domestic complexities.

Political analyst and foreign policy expert Harley Lippman weighed in on the implications of this meeting, offering insights into what it might mean for the future direction of U.S. governance and policy.

The high-profile interaction between the outgoing and incoming administrations showcases the nation’s democratic resilience and highlights the delicate nature of leadership transitions during turbulent times.

Harley Lippman, a Political Analyst and Foreign Policy Expert joins Veronica Dudo to discuss what this means for U.S. governance.

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Trump taps controversial allies for key posts

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Donald Trump left Washington and then stunned the political world.

Just hours after a smooth meeting with President Biden, Trump announced that Florida Congressman Matt Gaetz is his pick for attorney general.

Lawmakers on Capitol Hill were reportedly shocked, with some openly questioning if Gaetz could win Senate confirmation.

Republican Senator Kevin Cramer said he needs time to think it over, while Senator Susan Collins admitted she was “shocked.”

Gaetz has faced a House ethics investigation but denies any wrongdoing, and some Republican colleagues have shown reluctance due to his role in ousting Speaker Kevin McCarthy.

In a bold move, Trump is even considering recess appointments to bypass Senate approval, sparking fresh concerns among lawmakers.

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The Onion acquires Infowars and plans a reboot

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In a twist, satirical news outlet The Onion has won the rights to Infowars, the conspiracy-laden platform of Alex Jones.

This acquisition comes as Jones owes over $1 billion in defamation to Sandy Hook families he defamed.

Families have rallied behind the sale, saying it’s a form of long-awaited justice.

The Onion plans to relaunch Infowars as a parody site early next year.

Infowars’ website has already gone offline, with Jones broadcasting from a new location.

The Onion, known for skewering conspiracy theorists, has big plans to turn the page on Jones’ legacy.

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