G-7 agrees on $19.8B in aid for Ukraine

KOENIGSWINTER, Germany — The Group of Seven leading economies agreed Friday to provide $19.8 billion in economic aid to Ukraine to help keep tight finances from hindering its ability to defend itself from Russia’s invasion.

German Finance Minister Christian Lindner told reporters that $9.5 billion of the total amount was mobilized at meetings of the G-7 finance ministers in Koenigswinter, Germany, this week.

“We agreed that Ukraine’s financial situation must have no influence on Ukraine’s ability to defend itself successfully,” he said. “We need to do our utmost to end this war.”

The money is intended to help the Ukrainian government keep basic services for its people functioning and is separate from efforts to provide the country with weapons and humanitarian aid.

Kristalina Georgieva, the International Monetary Fund’s managing director, last month said Ukraine’s financial ministry had estimated the country will need $5 billion in international aid per month to help cover essential government services and keep the country’s economy going.

Russia’s invasion touched on almost every topic of the finance ministers’ meetings this week, including the need to reduce reliance on Russian energy.

“Russia’s war of aggression is causing global economic disruptions, impacting the security of global energy supply, food production and exports of food and agricultural commodities, as well as the functioning of global supply chains in general,” the G-7’s communique said.

U.S. Treasury Secretary Janet

Yellen and other leaders spoke this week about the need for allies to put together enough additional aid to help Ukraine “get through” the Russian invasion.

“All of us pledged to do what’s necessary to fill the gap,” Yellen said Thursday.