SIMI VALLEY, California, Dec 7 (Reuters) - The United

States unveiled a $988 million aid package of new arms and

equipment to Ukraine for its ongoing fight against Russia's

invasion on Saturday.

The package nearly halves the available $2.21 billion

remaining in Ukraine Security Assistance Initiative as the Biden

administration works to commit to buying weapons from industry,

rather than pulling from U.S. weapons stocks.

The USAI funds will be put toward buying ammunition for High

Mobility Artillery Rocket Systems (HIMARS) made by Lockheed

Martin ( LMT ) as well as drones and spare parts to maintain

artillery equipment, according to the Pentagon.

Announcement of the package came on Saturday as the defense

industry and policy makers meet at the annual Reagan National

Defense Forum in California.

The Biden administration has often used Presidential

Drawdown Authority, which authorizes President Joe Biden to

transfer excess articles and services from U.S. stocks without

congressional approval during an emergency.

The USAI funds are separate and will go to purchase new

weapons from industry.

The Biden administration still has about $6 billion of

congressionally granted presidential drawdown authority,

including funds authorized in 2024 and funds discovered by the

Pentagon after overestimating the value of arms shipped to

Ukraine.

Since the Russian invasion in February 2022, the U.S. has

committed more than $62 billion worth of security assistance to

Ukraine.