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G7 to allocate $19.8 bln financial support to Ukraine

From 2014 to 2021, more than $60 billion has already been allocated to Kiev from the G7 countries and the international community

BERLIN, May 20. /TASS/. The countries of the G7 will provide financial assistance to Ukraine in the amount of $19.8 billion, according to a communique issued on Friday following the meeting of finance ministers and heads of the G7 Central Banks, which took place in the German city of Koenigswinter near Bonn.

"In 2022, we have mobilized $19.8 billion of budget support, including $9.5 billion of recent commitments <...> to help Ukraine close its financing gap and continue ensuring the delivery of basic services to the Ukrainian people," the statement says.

The document underscores that the Finance Ministers of G7 countries "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," the document says.

G7 finance ministers assured that they "will continue to stand by Ukraine throughout this war and beyond and are prepared to do more as needed."

G7 Finance ministers noted that from 2014 to 2021, more than $60 billion has already been allocated to Kiev from the G7 countries and the international community.

G7 is an association of economically developed countries, which includes the UK, Germany, Italy, Canada, the USA, France and Japan. The main goals are to find solutions to global political and social problems. In the format of the "seven" association existed in 1976-1997. After the accession of Russia, it became known as the Group of Eight (G8). In March 2014, as a result of the events in Ukraine and the ensuing crisis in relations between Russia and the West, the association decided to return to the G7 format. Germany is currently chairing the G7.

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