04.07.2022
Chicago 11, Melborne City, USA
Forex

G7 to support Ukraine for $19 billion

A group of seven industrialized countries will agree to $19 billion in aid for Ukraine. This guarantees the government’s short-term finances in Kyiv, according to German Finance Minister Christian Lindner.

“We have to guarantee Ukraine’s ability to defend itself, which is why we’re raising funds here to provide liquidity for the Ukrainian government,” Lindner said.

The funds include $7.5 billion from the US and money from the European Union, Lindner said. He also added that “the government of Ukraine should not worry about financing its state needs” in the coming months.

The overall recovery effort will cost $600 billion, the country’s prime minister said last month. The International Monetary Fund expects Ukraine’s economy to shrink by 35% in 2022.

G-7 leaders will gather in Bavaria, Germany at the end of June. It is there that a larger aid package should be decided.

Photo: Open sources.

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