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.

US President Joe Biden and British Prime Minister Boris Johnson gesture as they pose for a photo with other leaders at the G7 summit, in Carbis Bay, Cornwall (Photo: Reuters)

Group of Seven leading economies (Photo: Reuters)

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.”

First Published: May 21 2022 | 02:12 AM IST

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