G7 confirms $19.8bn financial assistance package for Ukraine

G7 confirms $19.8bn financial assistance package for Ukraine

Group wants to ensure Ukraine’s macroeconomic stability months after Russian invasion

THE G7 confirmed this Friday, 20th, the mobilization of US$ 19.8 billion in financial aid to the Ukraine, as part of efforts to support the country’s recovery from a war started by Russia last February. The figure was agreed at a meeting of finance ministers and central bank presidents of the group, according to a joint statement released after the meeting.

The figure includes US$9.5 billion that had already been committed and is independent of military and humanitarian assistance measures. The purpose of the budget supplement is to allow Kiev to ensure that short-term financing needs are met.

“We are working closely with Ukraine to safeguard its macroeconomic stability in the face of the challenges posed by Russia’s war of aggression.”

This Thursday, 19, the United States Senate approved a package that provides US$ 40 billion in economic aid to Ukrainians and allies. The European Commission, the executive arm of the European Union (EU), has proposed aid of up to 9 billion euros.

The G-7 is made up of the US, Germany, France, UK, Japan, Italy and Canada, with EU representation.

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