The Group of Seven (G7) major economies (G7) have agreed to provide $ 9.5 billion in new economic assistance to Ukraine to help Kiev pay for public employees and ensure that the government continues to function until yes. protected from Russian occupation.
German Finance Minister Christian Lindner told reporters on May 20 that with an increase of $ 9.5 billion, current support for Ukraine amounts to $ 19.8 billion. The new bailout was pledged during meetings between G7 finance ministers and central bank governors in Germany this week.
“We agreed that Ukraine’s financial situation must not affect Ukraine’s ability to defend itself successfully,” Lindner said. “We must do everything in our power to end this war.”
The new pledges include $ 7.5 billion in non-refundable funds from the United States and a $ 1 billion grant from Germany. Other G7 countries will provide another billion dollars, in the form of guarantees and loans, said the German Ministry of Finance.
“We will continue to be with Ukraine during and after this war and we are ready, if necessary, to do more,” the G7 ministers said in a statement at the end of a two-day meeting in Germany.
The Russian occupation touched on almost every topic discussed during the meeting of the finance ministers and governors of the central banks of Canada, France, Germany, Italy, Japan, Great Britain and the United States.
“Russia’s aggression is causing global economic turmoil, affecting the security of global energy supply, food production and exports of food and agricultural products, as well as the overall functioning of global supply chains,” the statement said.
The International Monetary Fund’s latest global economic forecast says Ukraine’s economy will shrink by 35 percent this year and next.REL