G7 pledges nearly $20 billion to support Ukraine’s finances during Russian invasion

Zahid Mahmood in London

The finance ministers of Group of Seven (G7) nations have pledged $19.8 billion to support Ukraine’s finances during Russia’s invasion, a statement from the group said on Friday.

In the statement, the G7, an organization of leaders from some of the world’s largest economies: Canada, France, Germany, Italy, Japan, the United Kingdom and the US, said the funds will be used to help Ukraine “close its financing gap and continue ensuring the delivery of basic services to the Ukrainian people.”

“While also addressing Ukraine’s humanitarian and other material needs, we recognize, in particular, Ukraine’s urgent short term financing needs,” the statement said, adding that the proposed fund of $19.8 billion is “in addition to recent announcements on further military and humanitarian support.”

“We will continue to stand by Ukraine throughout this war and beyond and are prepared to do more as needed,” the group said.

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