Ukraine’s PM speaks to US Treasury Secretary about investment fund

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(Reuters) -Ukraine’s prime minister said on Tuesday that she and U.S. Treasury Secretary Scott Bessent had discussed prospects for completing the first three projects of a new investment fund within its first 18 months of operation.

Yulia Svyrydenko, the main driving force behind the creation of the fund, said she and Bessent had discussed the fund’s operations and “continuing and strengthening cooperation in the defense and investment sectors”.

“We are working on expanding its mandate so that the fund can also invest in the defense sector,” Svyrydenko wrote in English on the X social media platform.

“The first meeting of the board of directors is scheduled for September. The task is to launch the first three projects within 18 months.”

Svyrydenko was speaking to Bessent for the first time as prime minister since her appointment last month. As first deputy prime minister, she had signed the agreement setting up the fund in April as part of an accord, heavily promoted by U.S. President Donald Trump, to develop Ukraine’s mineral resources.

In her comments, Svyrydenko also said she and Bessent had discussed a potential broad defence agreement that Ukrainian President Volodymyr Zelenskiy has cited regarding production and sale of Ukrainian drones.

They also discussed the prospect of imposing tougher sanctions on Russia, a measure Ukraine has long sought. Trump has warned Russia that he will introduce more sanctions on Moscow if it does not make more progress on ending the war before a deadline set for Friday.

(Reporting by Ron Popeski and Oleksandr Kozhukhar; Editing by Sandra Maler)