On May 20 (local time), the financial leaders of the Group of leading industrialized countries (G7) agreed on new aid worth $9.5 billion for Ukraine, according to Reuters. In which, the US will provide 7.5 billion USD, Germany will provide 1 billion USD and other G7 countries will provide 1 billion USD in the form of loans and guarantees.
The G7 Finance Ministers and Central Bank Governors say their aid to Ukraine in 2022 so far is $19.8 billion.
“We will continue to stand with Ukraine throughout this war and beyond. We stand ready to do more when necessary.” The G7 group said in a statement at the end of a two-day meeting in Koenigswinter, near the German city of Bonn.
Ukraine estimates it needs about $5 billion a month to pay employees and keep the government running.
In addition to G7 aid, the European Union (EU) will provide Ukraine with a loan of 9 billion euros ($9.5 billion). In addition, the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) will also provide loans worth $3.4 billion.
Ukraine’s Prime Minister Denys Shmyhal appears on a screen during the meeting of the G7 Finance Ministers and Central Bank Governors, in Koenigswinter (Germany) on May 19. Photo: Reuters.
The G7 also called for support for reconstruction and long-term recovery in Ukraine, calling it a “major joint effort” that should be closely coordinated.
Economists’ estimates of the cost of rebuilding Ukraine vary, ranging from €500 billion to €2 trillion, depending on assumptions about the duration of the military campaign and the extent of the devastation.
The Russia-Ukraine conflict has forced Western powers to rethink their decades-old relationship with Russia not only in terms of security, but also in terms of energy, food and global supply alliances from Russia. circuits to rare earths.
G7 policymakers also discussed rising global inflation due to the conflict in Ukraine, which could significantly decelerate economic growth and create the risk of stalling inflation.
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