G7 Plans to Provide Ukraine with €30 Bln Aid

by Olha Povaliaieva
Friday, May 13, 2022
G7 Plans to Provide Ukraine with €30 Bln Aid

The funds will be provided as a grant and will not need to be repaid

According to SPIEGEL, industrially strong countries want to give Ukraine more support than they already do. The daily challenges that Ukraine faces are costly. €5 billion a month, which Ukraine now receives from partners, is not enough to fill all state obligations. Therefore, at the G7 meeting in Petersberg, it was decided to provide Ukraine with additional gratuitous support.

"According to the negotiators, Ukraine had identified these financial needs in quantitative terms by the end of the year. About €5 billion a month were spent, for example, on payments to government officials or pensioners, which Ukraine, according to information from Kyiv, cannot pay on its own. The International Monetary Fund considers the calculations understandable and arrives at similar numbers," reports SPIEGEL.

According to the German information resource, the amount of almost €30 billion indicates the confidence of the European community that the war will end within a year. And, of course, this speaks of the faith of the progressive world in the victory of Ukraine.

“Federal finance minister and FDP leader Christian Lindner is in charge of this as Germany takes over as G7 president this year. This role increases the pressure on the German government to lead by example in providing assistance. These shares are usually distributed according to the level of economic production, with Germany ranking third among the G7 countries.”

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