SAWT BEIRUT INTERNATIONAL

| 8 May 2024, Wednesday |

G7 agree on $18.4 bln to keep Ukraine running, ready with more

A draft declaration revealed that the Group of Seven finance leaders agreed on Thursday on $18.4 billion to assist Ukraine pay its debts in the coming months, and that they were willing to stay with Kyiv throughout the war with Russia and spend more if necessary.

Finance ministers and central bank governors from the United States, Japan, Canada, the United Kingdom, Germany, France, and Italy (the G7) are meeting while Ukraine, which was invaded by Russia on February 24, is trying to defend itself and is running out of funds.

“By 2022, we will have raised $18.4 billion in budget support, including $9.2 billion in recent agreements,” according to a draft communiqué seen by Reuters.

“We will continue to stand with Ukraine throughout this conflict and beyond, and we are prepared to do more if necessary,” the statement stated.

The G7 draft praised the European Commission’s proposal to lend 9 billion euros to Ukraine on Wednesday, and highlighted that the European Bank for Reconstruction and Development and the International Financial Corporation intended to provide $3.4 billion in assistance. However, it remained unclear if these monies were part of the $18.4 billion or independent.

Earlier on Thursday, German Finance Minister Christian Lindner announced that Germany will lend Ukraine one billion euros, while Japan vowed to raise its aid to Ukraine to $600 million to help it meet its immediate requirements.

Ukraine believes that it need $5 billion per month to keep public employees’ wages paid and the government running despite Russia’s daily damage.

    Source:
  • Reuters