Minerals deal with the United States: Shmyhal explains how it will work
Kyiv • UNN
Ukraine will contribute 50% of revenues from future natural resources to a new joint recovery fund with the United States. The fund will be managed by both governments and reinvested in Ukraine's development and security.
The agreement between Ukraine and the United States on minerals will provide for the creation of a fund for the restoration of Ukraine, where 50% will be Ukraine's contribution. This was stated by Prime Minister Denys Shmyhal during a telethon on Wednesday, UNN reports.
This will be Ukraine's contribution. We will invest 50% of such revenues in this joint fund for the restoration of Ukraine with the United States. The United States will also make appropriate contributions. This fund will invest these funds from Ukraine and the United States in the development of Ukraine, in recovery, in security. The fund is managed by the governments of Ukraine and the United States. The reinvested income that is paid into the fund will be reinvested... that is, it will work in a certain spiral of reinvestment in Ukraine. The money that this fund will invest and earn will be invested in the restoration and further development of our country. The contribution of the Government of Ukraine is 50% of all proceeds from the future monetization of all relevant state-owned natural resource assets and relevant infrastructure facilities
According to him, the fund will continue to operate, and all decisions will be made with the consent of both participants, meaning that "nothing can be done without Ukraine in the activities of this fund.
"For the avoidance of doubt about such future sources of revenue, they do not include current sources of revenue that are not part of the general revenues of the Ukrainian budget. This is also a direct quote from this agreement, which once again guarantees the future, that we are shaping our future with our strategic partner today. This is a document that the Government of Ukraine has been working on for more than two weeks," the Prime Minister said.
The head of the Ukrainian government emphasized that existing fields, facilities, and licenses will not be subject to discussion when this fund is created. It is only about future licenses and future developments.
Recall
The final version of the agreement with the United States, which provides for the creation of an investment fund for the reconstruction of Ukraine, has already been "actually worked out," but it will not be considered and signed in isolation from security guarantees.
