The Group of Seven (G7) finance ministers has announced increasing th🎐e bloc's economic aid to Ukraine to USD 39 billion and called upon the IMF to deliver a fresh financial package to the country by March to help it deal with the impact of the Russian invasion.
The G7 finance ministers and Central Bank governors deliberatedꩲ on Ukraine's overall economic condition at a meeting on Thursday, on the eve of the first anniversary of the Russian aggression.
The meeting was virt🗹ually joined by Ukrainian Finance Minister Sergii Marchenko.
The G7 fin🤡ance ♚ministers and Central Bank governors have come to the city for a meeting of the G20 grouping.
"We urge the IMF and Ukraine to deliver a✨ cre🍰dible, ambitious, fully financed and appropriately conditioned IMF programme by the end of March 2023," the G7 finance ministers said in a statement.
It saꩵid the G7, together with the international community, remained strongly committed to addressing Ukraine's urgent short-term financing needs.
The G7 comprises France, Germa𝔉ny, Italy, the UK, Canada, Japan, and the United States.
What was the G7's official statement?
"For 2023, based on the govern🌊ment of Ukraine's needs, we have increased our commitment of budget and economic support to USD 39 billion,"🍎 the G7 statement said.
"These significant commitments and their swift disbursement give Ukraine certainty and enab🅠le 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," it said.
"Our sanctions have si♔gnificantly undermined Russia's capacity to wage its illegal war. We will continue to closely monitor the effectiveness of sanctions and take further actions as needed," the statement said.
"We wi🍌ll 𒉰continue to work closely together and with our partners to enforce our sanctions and prevent any attempts to evade or circumvent sanctions," it said.
G7 urges other countries to join their sanctions on Russia
In thꩲis context, the G7 called on other countri෴es to join the bloc's sanctions on Russia.
"We rem🍎ain determined to foster international cooperation to uphold multilateralism and address the global economic hardships caused by Russia's war and its weaponisation꧂ of food and energy, which are disproportionately felt by low- and middle-income countries," it said.
It said the blo🎃c will continue its joint efforts to support and contribute to Ukraine's repair of its critical infrastructure, recovery and reconstruction.
"We re-emphasise our shared commitment to our coordinated economic measures in response to Russia's war of aggression," the G7 said. "We reject Russia's false narrative about the spillover effects of the s💦anctions on food and energy security.".
"We reaffirm that our sanction measures targeting Russia are intended not to contribute to energy and food insecurity, while these measures are tailored to reduce Russia's a♔꧋bility to reap windfall profits from changes in global oil prices," it added.
Sanctions on crude oil and natural gas
The G7 said it is making progress on the goals of the crude oil price cap policy to prevent Russia from profiting from its war of aggres꧑sion against Ukraine, while supporting stability in global energy markets and limiting negative economic spillovers from the🍌 war, especially on low- and middle-income countries.
"Russia's monthly budget gap has surged to reꦑcord highs, which will significantly restrict its ability to finance its illegal war. Developing market economies can take advantage of this opportunity to access to crude oil and petroleum products at a discount to prev🌠ailing market prices," the G7 said.
"We will continue to work closely together and with our partners to enforce the oil and petro💯leum product price caps and prevent attempts to evade or circumvent the measure," it said.
It further noted that Russia's "prolonged war of aggression" has exacerbated global economic challenges, including through adding to inflationꦫary pressures, further disrupting supply chains and heightening energy and food insecurity.
"In addition to these negative consequences oꦆf the war, we must remain vigilant to further downside risks, including inflationary pressures, threats to financial stability, as well as capital outflows especially in developing countries amid shifting global financial conditions and potential debt crises," it said.
(With PTI Inputs)
