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G7 finance ministers mobilize almost $20 billion for Ukraine

Deutsche Welle 5/20/2022 Deutsche Welle

The Ukrainian government has been unable to collect taxes since Russia's invasion, and now international support aims to prop up the budget.Finance ministers from the Group of Seven (G7) wealthy democracies concluded a summit in Germany on Friday by announcing a commitment of $19.8 billion (E18.7 billion) in financial support to prop up Ukraine's budget.

Russia's war on Ukraine has severely affected Kyiv's ability to collect taxes, and it is estimated the government will need E15 billion over the next three months to continue functioning.

In a communique, the G7 finance ministers said the support aims to "help Ukraine close its financing gap and continue ensuring the delivery of basic services to the Ukrainian people."

German Finance Minister Christian Lindner, who hosted the summit as Germany holds the rotating G7 presidency, said the support aims to ensure that Ukraine's financial situation does not affect its ability to defend itself from Russia's invasion.

"We will stand by Ukraine during this war and after that and are ready to do more," Lindner said.

Yesterday, Germany announced it would contribute E1 billion of support in grants as part of the G7 package.

wmr/rt (AP, AFP, Reuters, dpa)

Copyright 2022 DW.COM, Deutsche Welle. Distributed by Tribune Content Agency, LLC.

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