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Contingent Liability Notification: Ukraine Guarantee

06 June 2022

Proposing MP
James Cleverly Con
Braintree
Type
Written Ministerial Statement
Department
Foreign, Commonwealth and Development Office
View on Parliament.uk -->

At a Glance

Issue Summary

The statement outlines a contingent liability notification for the Foreign, Commonwealth and Development Office (FCDO) regarding a guarantee for World Bank financing to Ukraine.

Action Requested

The FCDO is proposing to guarantee USD500 million or EUR-equivalent of additional World Bank financing to Ukraine. The UK will refrain from incurring this liability until 14 parliamentary sitting days after the statement's issuance, unless there are objections raised during this period which would require further examination.

Key Facts

  • FCDO is guaranteeing USD500 million or EUR-equivalent (approximately EUR464 million or GBP396 million at current exchange rates) of World Bank financing to Ukraine.
  • The UK announced the intention on April 9, 2022.
  • The liability period will be up to 25 years.
  • HM Treasury has approved the proposal in principle and the Public Accounts Committee has been notified.
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