Top News

G7 mobilise $19.8 billion for Ukraine, ready to for more throughout war-communique

FILE PHOTO: U.S. Treasury Secretary Janet Yellen, Canada's Finance Minister Chrystia Freeland, Germany's Finance Minister Christian Lindner, British Chancellor of the Exchequer Rishi Sunak and other attendees pose for a family photo during the G7 Summitin Koenigswinter, near Bonn, Germany May 19, 2022. REUTERS/Thilo Schmuelgen

KOENIGSWINTER, Germany (Reuters) - Finance ministers and central bank governors of the Group of Seven wealthy democracies said on Friday they have mobilised $19.8 billion for Ukraine and pledged to give more financial support if needed.

The financial leaders of the United States, Canada, Japan, Germany, France, Italy and Britain - the G7 - held talks in Germany to finance Kyiv as it struggles to fend off Russia’s invasion and is running out of cash.

“In 2022, we have mobilised 19.8 billion US dollars of budget support, including 9.5 billion US dollars of recent commitments ... to help Ukraine close its financing gap and continue ensuring the delivery of basic services to the Ukrainian people,” the G7 said in their communique.

“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 9 billion euros of additional

macro-financial assistance,” the statement said.

“Additional planned support to Ukrainian state-owned enterprises and the private sector through the European Bank for Reconstruction and Development and the International Finance Corporation amounts to $3.4 billion,” it said.

“We will continue to stand by Ukraine throughout this war and beyond and are prepared to do more as needed,” the G7 said.

Reporting by Jan Strupczewski, editing by David Lawder