The Group of Seven leading economies and global financial institutions are providing $19.8 billion in aid to bolster Ukraine’s public finances, Germany’s finance minister said Friday
KOENIGSWINTER, Germany — The Group of Seven leading economies and global financial institutions are providing $19.8 billion in aid to bolster Ukraine’s public finances, Germany’s finance minister said Friday.
Christian Lindner told reporters that $9.5 billion of the total was mobilized at meetings of the G-7 finance ministers in Koenigswinter, Germany, this week. He said the goal is to ensure that Ukraine’s financial situation does not affect its ability to defend itself from Russia’s invasion.
“We agreed on concrete actions to deepen multilateral economic cooperation and underlined our commitment to our united response to Russia’s war of aggression against Ukraine and to our unwavering support to Ukraine,” a G-7 statement reads.
U.S. Treasury Secretary Janet Yellen and other leaders spoke this week about the need for allies to put together enough additional aid to help Ukraine “get through” the Russian invasion.
“All of us pledged to do what’s necessary to fill the gap,” Yellen said Thursday as the ministers finished their first of two days of talks. “We’re going to put together the resources that they need.”
The finance ministers of the G-7 — which includes Canada, France, Germany, Italy, Japan, the United Kingdom and the U.S. — also have grappled with deepening inflation, food security concerns and other economic issues during their talks.
As the finance ministers were meeting in Germany, the U.S. overwhelmingly approved its own $40 billion infusion of military and economic aid for Ukraine and its allies. The legislation was backed by every voting Democrat and most Republicans.