G7 nations approves to provide financial support to Ukraine

Group of Seven (G7) nations have agreed to provide financial support to Ukraine. US Treasury Secretary Janet Yellen told reporters at the G7 finance leaders’ meeting in Germany that they agreed to provide Ukraine with the financial resources it needs in its struggle against Russia. Yesterday, the US Senate approved a 40 billion US dollar aid package of military, economic and humanitarian assistance to Ukraine. Out of this, 7.5 billion US dollar is earmarked for filling gaps in Kyiv’s budget. Germany currently hosts the G7’s rotating presidency. German Finance Minister Christian Lindner has announced a contribution of 1.1 billion US dollars to Ukraine’s budget. It came during a summit of finance ministers from the G7 industrialized nations being held near the German city of Bonn. The German Finance Minister said at the summit, the G7 are coordinating commitments to finance the government functions of Ukraine. The meeting wraps up on Friday. The European Commission has said it would pledge up to 9.5 billion US dollar of macro-financial assistance in the form of loans, to be complemented by support from international partners including the G7. The International Monetary Fund and Ukrainian officials have said the country needs 5 billion US dollar per month to continue paying government salaries and pensions and to cover other expenses.