Ukraine aims to receive US$50 billion from G7 without conditions and for any purpose

Ukraine seeks to attract US$50 billion from the G7 to its budget without conditions and for any purpose.

Source: Ukrainian Prime Minister Denys Shmyhal at the Ukraine 2024. Independence forum

Details: Ukraine expects that the G7 countries will launch a mechanism of additional loans to increase budget revenues (Extraordinary Revenue Acceleration Loans for Ukraine, ERA) by the end of 2024.

Quote: "We have our political framework. It should be US$50 billion. Ukraine should receive it no later than the end of this year. These funds should be unconditional for Ukraine [i.e. not tied to any reforms]. They must be interest-free and not affect the increase in public debt. And we can use these funds for any needs." 

More details: Shmyhal said that Ukraine plans to spend the money on compensation to those affected by war, but also on financing the budget deficit, purchasing weapons, etc.

"It is a difficult task. The G7 countries and the European Union have to find a consensus on providing this money. These funds will be compensated for our partners by the proceeds from frozen Russian assets, which total US$300 billion. The partners will receive US$3 billion to US$4 billion annually, which will be used to repay this grant to Ukraine", Shmyhal said.

He added that Ukraine is not limited to these plans and expects further seizure of all frozen Russian assets.

If the seizure occurs before the partners receive their money back, Ukraine will cover the balance from the confiscated amount.

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