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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.

Topics
Russia Ukraine Conflict | International Monetary Fund | Ukraine

Bloomberg 

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 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 close its financing gap and continue ensuring the delivery of basic services to the Ukrainian people.”

The 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 financial institutions on further substantial financing to .” That may include another 9.5

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

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First Published: Sat, May 21 2022. 02:12 IST
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