G7 will provide 9.5 billion new aid to Ukraine

The main economies of the Group of the seven most industrialized countries (G7) have agreed to offer $9.5 billion, as a new economic aid to Ukraine, to help Kiev pay salaries for public employees and ensure that the government continues to function until it is protected by Russian invasion.

German Finance Minister Christian Lindner told reporters on May 20th that with the rise of $9.5 billion, the current support for Ukraine amounts to $19.8 billion. The new amount of aid was promised during meetings between the finance ministers of G7 and central bank governors in Germany this week.

We found that Ukraine's financial situation cannot influence Ukraine's ability to successfully defend itself”, Linder said. We must give all of ourselves to end this “war.

New promises include $7.5 billion without returns 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, Germany's Finance Ministry has declared.

“We will continue to be with Ukraine during and after this war and we are ready, if necessary, to do more”, G7 ministers have said at the end of a two-day meeting in Germany.

The Russian invasion touched almost every topic discussed during the meeting of finance ministers and governors of central banks of Canada, France, Germany, Italy, Japan, Great Britain and the United States.

“Russia's aggression is causing global economic disorders, 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 latest global economic forecast by the International Monetary Fund says Ukraine's economy will shrink by 35 per cent this year and next year. /rel