G7 Approved $44 Billion for Ukraine

by Meifan Honcharuk
Saturday, May 13, 2023
G7 Approved $44 Billion for Ukraine

Ministers of finance and heads of central banks of the G7 countries signed a document on increasing financial support for Ukraine

In Japan, the meeting of officials from the Group of Seven countries has ended. As a result of the discussion, Ukraine's financial support was revised and changed. The politicians decided to increase financial assistance to Kyiv from 2023 to the beginning of 2024. G7 will provide Ukraine with $44 billion. This will strengthen the country's economic position against the backdrop of war. The amount will be divided between the reconstruction of the infrastructure destroyed by the Russian Federation's war. In addition, $44 bln would be spent for the government to provide essential services.

This decision has already had positive consequences for the Ukrainian economy. Finance ministers and bank representatives reached an agreement on the IMF program. The IMF will be able to provide Ukraine with additional credit of $15.6 billion for 4 years. This amount is intended for structural reforms by the government of Kyiv.

"We look forward to Ukraine's rapid implementation of structural reforms under the IMF-supported program. This will also facilitate further financial support from other countries and institutions, as well as from the private sector," said Group of Seven represents in its final statement.

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