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U.K. Finance Minister Jeremy Hunt said on April 12, as cited by Reuters, that his country was ready to provide Ukraine with an additional $500 million of loan guarantees, bringing the total this year to $1 billion.
According to Hunt, the U.K. credit guarantees played a significant role in securing the International Monetary Fund's wider four-year support package for Ukraine worth $15.6 billion.
"This funding will boost Ukraine's economic resilience and bolster its resistance against Russia," the minister said, as quoted by Reuters.
The U.K. has so far committed to 6.5 billion British pounds ($8.1 billion) in support to Ukraine following the full-scale Russian invasion.
The latest loan guarantees will help fund Ukrainian state institutions such as schools and hospitals, according to the U.K.'s finance ministry.