G7 increases Ukraine economic aid to $39 billion for 2023

By Ovunc Kutlu

ISTANBUL (AA) - The Group of Seven countries, known as G7, announced Thursday it has increased the commitment of budget and economic support for Ukraine to $39 billion in 2023.

"These significant commitments and their swift disbursement give Ukraine certainty and enable the authorities to safeguard the functioning of government, continue the delivery of basic services, carry out the most critical repairs of damaged infrastructure and stabilize the economy," the G7 finance ministers and central bank governors said in a statement.

"This will also support Ukraine in its effort to defend their country. This financial support is in addition to our vital military support and training to Ukrainian forces, humanitarian support, and development cooperation," it added.

G7 officials also urged the International Monetary Fund (IMF) to deliver "a credible, ambitious, fully financed and appropriately conditioned IMF program" by the end of March.

IMF Managing Director Kristalina Georgieva said Tuesday that a gradual recovery of Ukraine's economy is expected over the course of this year, while Ukrainian Prime Minister Denys Shmyhal said Monday that Kyiv hopes to have a multi-year support program of at least $15 billion from the IMF after meeting its chief.

G7 finance ministers and central bank governors met in Bangalore, India ahead of a G20 foreign ministers meeting March 1-2 in New Delhi.

The G7 member countries include Canada, France, Germany, Italy, Japan, the UK and the US, in addition to the EU.