G7 countries pledge financial aid of $19.8 billion to Ukraine amid Russian invasion

The Russia-Ukraine conflict is currently in its third month and with the Russian military making advances in different parts of the country, Ukraine faces a tough challenge to maintain their resistance. However, this is good news for Kyiv as G7 leaders pledged an amount of $19.8 billion to bolster Ukraine’s public finances amid the ongoing Russian invasion. The aim of this financial support is to make sure that Ukraine does not run out of funds while resisting the Russian forces.

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"In 2022, we have mobilised 19.8 billion US dollars of budget support, including 9.5 billion US dollars of recent commitments ... to help Ukraine close its financing gap and continue ensuring the delivery of basic services to the Ukrainian people," the G7 said in their communique according to AFP.

"Furthermore, we welcome ongoing work across the G7 and international financial institutions on further substantial financing to Ukraine, notably including the proposal by the European Commission for up to 9 billion euros of additional macro-financial assistance."

"Additional planned support to Ukrainian state-owned enterprises and the private sector through the European Bank for Reconstruction and Development and the International Finance Corporation amounts to $3.4 billion."

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"We will continue to stand by Ukraine throughout this war and beyond and are prepared to do more as needed," the official statement concluded.

The G7 – comprised of the United States, Canada, Japan, Germany, France, Italy and Britain – also said that they will be providing more funds to Ukraine in case of a prolonged conflict with Russia.

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(With inputs from agencies)