G7 countries to provide $19.8 billion in aid to crisis-hit Ukraine

The International Monetary Fund will be assisting with the package, German Finance Minister Christian Lindner, the host of the meeting, told reporters.

g7 imf — Group of Seven leading economies (Photo: Reuters)

2 min read Last Updated : Jun 10 2022 | 1:29 PM IST

Finance chiefs from the Group of Seven leading economies pledged to deliver $19.8 billion of budget aid to Ukraine this year as the country struggles to continue functioning amid destruction wrought by Russia’s invasion.

“While also addressing Ukraine’s humanitarian and other material needs, we recognize, in particular, Ukraine’s urgent short-term financing needs,” G-7 finance ministers said Friday in a communique following two days of meetings near Bonn.

The amount includes $9.5 billion of commitments made in the run-up to this week’s meeting, “to help Ukraine close its financing gap and continue ensuring the delivery of basic services to the Ukrainian people.”

The International Monetary Fund will be assisting with the package, German Finance Minister Christian Lindner, the host of the meeting, told reporters. That IMF support helps guarantee financial stability, he said.

The announcement follows the US Senate’s approval of more than $40 billion in assistance for Ukraine, sending the bill to President Joe Biden for his signature. From that, the US is contributing $7.5 billion to the G-7 plan.

The communique also welcomed “ongoing work across the G-7 and international financial institutions on further substantial financing to Ukraine.” That may include another 9.5

billion euros ($10 billion) of “additional macro-financial assistance.”

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