G7 and IMF vow to support Ukraine after Russia’s strikes

G7 and IMF vow to support Ukraine after Russia’s strikes


The G7 and IMF on Wednesday pledged their unwavering financial support to Ukraine as the country suffers from Russian missile attacks and needs billions of dollars in monthly aid.

Ukrainian President Volodymyr Zelenskyy appeared via video link to call for more help at a finance ministers’ meeting in Washington for the annual meetings of the International Monetary Fund and World Bank, just days after Russia’s rocket salvo on Kyiv and other cities.

“We see that Russian terrorist attacks can be intensified,” Zelenskyy said through an interpreter at the meeting dedicated to supporting Ukraine.

“Therefore, we must intensify our cooperation to help in a symmetrical way to rebuild what was destroyed and ensure the financial stability of our state,” he said, adding that next year Kyiv will start with a budget deficit of 38 billion dollars was faced.

IMF chief Kristalina Georgieva said Ukraine’s borrowing needs in 2023 will be between $3 billion and $4 billion per month.

She said that at Zelenskyy’s request, the IMF will set up the Economic Forum of Ukraine to share information and clarify the country’s financing needs.

“We are moving with you towards a strong Ukraine,” she said.

US Treasury Secretary Janet Yellen said meeting Ukraine’s needs “requires a unified and coordinated effort.”

“But together, the G7, the international financial institutions and all of Ukraine’s partners can help Ukraine win this war and rebuild to become the prosperous and secure democracy that the Ukrainian people fought so hard for,” she said.

The United States has allocated $65 billion in aid, including military equipment, to Kyiv since February.

– “Rise with Ukraine” –

Earlier, Yellen and other finance ministers and central bankers from the Group of the Seven Prosperous Democracies had their own talks about Russia’s war in Ukraine.

“We call on Russia to end its unjust and brutal war immediately,” the statement said.

“The G7 will stand by Ukraine for as long as needed and remain strongly committed to supporting Ukraine’s urgent short-term financing needs,” the statement added.

The G7 also discussed efforts to impose a price cap on Russian oil, to deny the country a key source of funding for its war and stem soaring energy prices.

The group – which includes Britain, Canada, France, Germany, Italy, Japan and the United States – said it had made “significant progress on all key aspects” of the proposal, but gave no details.

The G7 welcomed Australia’s entry into the coalition. One of the challenges the G7 face is winning over countries around the world to the idea of ??a price cap.

– Putin warning –

Hours earlier, Russian President Vladimir Putin slammed the proposal, which the United States has been pushing and which the EU supports pending details from the G7.

“Some Western politicians are destroying the global market economy with their careless decisions and are effectively endangering the well-being of billions of people,” Putin said at an energy forum in Moscow.

Moscow has warned it would cut oil supplies to countries that impose such a cap.

Officials have yet to say what level the cap will be set at, but they have said it would remain above production costs, giving Russia still an incentive to supply importing countries.

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