G7 Countries Pledge To Provide $19.8 Billion Aid To Ukraine

Russia Ukraine Crisis: According to Christian Lindner, a G-7 finance minister conference in Koenigswinter, Germany, this week raised $9.5 billion of the total.

Christian Lindner. (Source: Getty Images)

New Delhi: G7 industrialised nations have pledged $19.8 billion (18.7 billion euros) to shore up Ukraine's public finances as Kyiv battles Russia's invasion, said the closing statement of the group's finance ministers on Friday, news agency Associated Press (AP) reported. 

According to Christian Lindner, a G-7 finance minister conference in Koenigswinter, Germany, this week raised $9.5 billion of the total.

He stated that the objective is to guarantee that Ukraine's financial predicament does not jeopardise its capacity to defend itself against Russia's invasion.

“We agreed on concrete actions to deepen multilateral economic cooperation and underlined our commitment to our united response to Russia’s war of aggression against Ukraine and to our unwavering support to Ukraine,” a G-7 statement was quoted by AP in its report.

Earlier on Thursday, the US Senate passed a $40 billion aid package for Ukraine including military, economic, and humanitarian support. $7.5 billion of this is designated for bridging budget shortages in Kyiv.

Meanwhile, according to media sources, Japan announced a $600-million increase in aid to Ukraine on Thursday to help it meet its immediate needs.

During the G7 summit, US Treasury Secretary Janet Yellen stated that the ministers decided to help Ukraine with the financial resources it requires to fight Russia's invasion.

The European Commission has stated that it will provide up to €9 billion in "macro-financial assistance in the form of loans," which will be supplemented by help from international partners such as the G7.

(With Inputs From AP)