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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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Time is running out for Biden’s death penalty abolition

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President Joe Biden is facing increasing pressure as his administration grapples with the challenge of fulfilling a key 2020 campaign promise – the abolition of the federal death penalty.

The issue has gained renewed attention as the Department of Justice reviews its policies on capital punishment.

Despite initial steps like imposing a moratorium on federal executions, the President’s commitment to a complete abolition faces hurdles in Congress and legal complexities.

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What can be learned from the AT&T outage?

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The outage lasted for several hours and impacted thousands of customers across the United States.

White House national security spokesperson John Kirby said the FBI and the Department of Homeland Security were looking into an AT&T outage that lasted for several hours and impacted thousands of customers across the United States.

AT&T said the hour-long outage to its U.S. cellphone network appeared to be the result of a technical error, not a malicious attack and that the Federal Communications Commission was in touch with the company.

Hugh Odom a former AT&T Attorney and the Founder and President of Vertical Consultants joins Veronica Dudo to discuss. #IN AMERICA TODAY #featured #telecommunications #cellphone #AT&T #AT&Toutage

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Extremism top concern for U.S. voters ahead of election

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Worries over political extremism and threats to democracy have surged to the forefront as the primary concern for U.S. voters, setting the stage for a high-stakes showdown in the upcoming November election.

The three-day Reuters Ipsos poll, which concluded on Sunday, found that 21% of respondents identified “political extremism or threats to democracy” as the nation’s most pressing issue, narrowly edging out concerns about the economy and immigration.

President Joe Biden appears to hold a slight advantage over his predecessor, Donald Trump, in addressing this issue, with 34% of respondents believing Biden has a better approach compared to 31% for Trump.

The findings underscore the deeply polarized political landscape in America, with Democrats prioritizing extremism as the top issue, while Republicans overwhelmingly focus on immigration.

Independent voters

The poll also highlights the pivotal role of independent voters, with nearly a third citing extremism as their primary concern, followed closely by immigration and the economy.

This suggests that the handling of extremism could significantly influence voter behavior in the upcoming election.

The rise of extremism as a top concern comes amid ongoing political turmoil, with Trump continuing to challenge the legitimacy of U.S. institutions and perpetuate false claims of election fraud.

His rhetoric has not only fueled division but also incited violence, as seen in the January 6, 2021, assault on the U.S. Capitol.

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