G7 countries to provide $19.8 billion in aid to crisis-ridden Ukraine
Finance chiefs from major Group of Seven economies have pledged $19.8 billion in budget support to Ukraine this year as the country struggles to keep functioning amid the destruction wrought by the invasion Russian.
“While also responding to Ukraine’s humanitarian and other material needs, we recognize, in particular, Ukraine’s urgent short-term financing needs,” the G-7 finance ministers said Friday in a statement. communicated after two days of meetings near Bonn.
The amount includes $9.5 billion in pledges made ahead of this week’s meeting, “to help Ukraine close its funding gap and continue to deliver basic services to the people Ukrainian”.
the The International Monetary Fund will help with this, German Finance Minister Christian Lindner, who hosted the meeting, told reporters. This support from the IMF helps ensure financial stability, he said.
The announcement follows the US Senate approving more than $40 billion in aid to Ukraine, sending the bill to President Joe Biden for his signature. From there, the United States contributes $7.5 billion to the G-7 plan.
The statement also welcomed “ongoing work within the G-7 and international financial institutions on substantial new funding to Ukraine.” This may include another 9.5
billion euros ($10 billion) of “additional macro-financial assistance”.