G7 countries agree to offer USD19.8bn economic aid to Ukraine
On Friday, May 20, the G7, an inter-governmental political forum of seven leading economies, agreed to provide $19.8bn in economic aid to Ukraine: the Finance ministers and central bank governors of the United States, Canada, Japan, Germany, France, Italy and the United Kingdom — the G7 — held talks in Germany to finance Ukraine as it struggles to fend off Russia's invasion and is running out of cash.
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Ukrainian Prime Minister Denys Shmyhal attends the G7 Finance Ministers and Central Bank Governors Meetings via videolink in Koenigswinter near Bonn, Germany, 19 May 2022. The meetings of Finance Ministers and Central Bank Governors took place in Bonn and Koenigswinter from 18 to 20 May 2022. (Picture source: EPA-EFE/Federico Gambarini/POOL)
The massive financial assistance is expected to help Ukraine fund its requirements as the ongoing conflict led to a collapse in cash inflows. The G7 countries committed to providing additional financial support to Ukraine if needed. G7 was quoted by Reuters saying in a communique: “In 2022, we have mobilized $19.8bn of budget support, including $9.5bn of recent commitments […] to help Ukraine close its financing gap and continue ensuring the delivery of basic services to the Ukrainian people. Furthermore, we welcome ongoing work across the G7 and international financial institutions on further substantial financing to Ukraine, notably including the proposal by the European Commission for up to €9bn of additional macro-financial assistance.”
This assistance comes on top of a new U.S. aid of $40 billion to Ukraine with the military assistance of $20 billion including the delivery of Patriot air defense missile systems and long-range artillery weapons, Army Recognition reported on May 21. Such immense aid underlines the importance granted by Washington to the absolute necessity of leading Russia to consider halting its tremendously costly (humanly and materially) war against Ukraine.
The G7 gathers the United States, Canada, Japan, Germany, France, Italy and the United Kingdom (Picture source: presstv.ir)