G7 countries increase financial assistance to Ukraine to US$44 billion
The volume of international obligations to provide economic and budgetary support to Ukraine for 2023 and the beginning of 2024 increased to US$44 billion.
Source: Communiqué following a meeting of finance ministers and heads of central banks of the G7 countries in Japan, as European Pravda reports
Quote: "We, together with the international community, have increased our commitment of budget and economic support for Ukraine for 2023 and early 2024 to 44 billion US dollars, which enabled the approval of an International Monetary Fund (IMF) program for Ukraine amounting to 15.6 billion US dollars over 4 years," the communiqué says.
Details: It is noted that this support gives Ukraine confidence and allows the authorities to ensure the functioning of their government, continue providing basic services, carry out critical repairs to damaged infrastructure and stabilise the economy.
Quote: "We look forward to swift implementation of structural reforms by Ukraine under the IMF-supported program, and the successful completion of the program’s reviews, which will promote macroeconomic and financial stabilization, enhance governance and strengthen institutions, contribute to longer-term economic sustainability and post-war reconstruction. This will also help to catalyze further financial support from other countries and institutions as well as the private sector," the communiqué said.
Background: Ursula von der Leyen, the President of the European Commission, said that the new EU sanctions would be aimed at combating the circumvention of already imposed trade restrictions and developing "in very close coordination" with the G7 countries.
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