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The Group of Seven (G7), an inter-governmental political forum of seven leading economies, agreed to provide $19.8bn in economic aid to Ukraine.
The assistance is expected to help Ukraine to fund its requirements as the ongoing conflict led to a collapse in cash inflows.
Notably, the conflict began three months ago after Russia launched a ‘military operation’ against neighbouring Ukraine.
During a meeting in Germany, the financial ministers and central bank governors of G7 countries discussed the Ukraine situation.
According to a Reuters report, the countries committed to provide additional financial support to Ukraine, if needed.
G7 was quoted by the news agency as saying in a communique: “In 2022, we have mobilised $19.8bn of budget support, including $9.5bn of recent commitments … to help Ukraine close its financing gap and continue ensuring the delivery of basic services to the Ukrainian people.
“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 €9bn of additional macro-financial assistance.”
The G7 countries include the US, the UK, Canada, Japan, Germany, France and Italy.
Meanwhile, US President Joe Biden has signed a bill into law that will provide an additional $40bn in assistance to Ukraine.
Last week, the US Senate approved the aid package for Ukraine with an overwhelming majority.
The new legislation will supply around $20bn worth of military assistance to the embattled nation to ensure to steady flow of weapons for the Ukrainian troops.
Recently, the US administration announced another drawdown of equipment from the US Department of Defense (DoD) inventories for Ukraine. The $100m package includes 155mm Howitzers, AN/TPQ-36 counter-artillery radars and other field equipment.