On Thursday, the Group of Seven (G7)—Canada, France, Germany, Italy, Japan, the United Kingdom (UK), and the United States (US)—pledged to provide Ukraine with $18.4 billion in humanitarian assistance.
Speaking to reporters at the G7 finance leaders’ meeting in Germany, US Treasury Secretary Janet Yellen said, “The message was: 'We stand behind Ukraine. We’re going to pull together with the resources that they need to get through this.”
Canada and our @G7 partners are resolute and united in our determination to support democracy and the international economy. This week’s meetings are an opportunity to advance our support for Ukraine, while also addressing affordability, food security, and climate change. pic.twitter.com/eUyjecc2MQ
— Chrystia Freeland (@cafreeland) May 19, 2022
The G7 finance ministers also said that they were trying to balance Ukraine’s budget and the devastating economic impact of Russia’s war. The urgency to send aid to Ukraine comes amid the collapse of cash inflows.
German finance minister Christian Lindner said, “We are in the process of collecting the various pledges of direct aid in order to continue to finance Ukraine's state functions with our means.”
Speaking further, Lindner said he hopes for further commitment and progress by the end of the meeting on Friday.
⚡️ Germany to allocate 1 billion euros to support Ukraine's budget.
— The Kyiv Independent (@KyivIndependent) May 19, 2022
Finance Minister Christian Lindner announced the new assistance package during a G7 finance minister meeting. According to Lindner, the U.S. wants to mobilize $7.5 billion to help Ukraine’s short-term budget.
The finance ministers and central banks of the G7 are computing the amount the countries can disburse quickly. The US, for instance, has pledged to contribute $9.2 billion from its $40 billion Ukraine aid package, which was passed by its Senate on Thursday.
Likewise, Germany announced aid worth $1.06 billion on Thursday, while the UK government said it would provide $62.45 million to ensure electricity supplies via the European Development Bank.
The European Commission has also proposed $9.5 billion in “new macro-financial assistance.” In this regard, G7 leaders are expected to discuss the ratio of loans and direct aid.
Additionally, the countries’ also pledged to provide Ukraine with weapons, with US Secretary of State Antony Blinken announcing an additional $100 million for US arms, equipment, and supplies. In fact, the US has sent Ukraine roughly $3.8 billion in military assistance since the onset of the Russian invasion.
Another important day for 🇺🇦victory. The 🇺🇲 Senate has approved allocation of aid to 🇺🇦 in the amount of almost $ 40 billion.The G7 and int. fin. institutions have agreed to allocate $ 18.4 billion for 🇺🇦 for the next 3 months. These are decisive steps in defense of Freedom.
— Defence of Ukraine (@DefenceU) May 20, 2022
Ukrainian Prime Minister Denys Shmyhal called G7’s financial assistance “important as the weapons” and said it would “speed up our victory,” declaring, “Despite Russia’s efforts to destroy our economy, together we will win!”
The International Monetary Fund estimates that Ukraine needs at least $5 billion per month to keep the country running.