Ukraine expects first tranche of $50 billion from G7

Ukraine expects that, despite all the delays, financial assistance under the new G7 instrument will start flowing before the end of 2024. The total amount of aid is $50 billion.

This was stated by Prime Minister Denys Shmyhal, RBC-Ukraine reports citing the government portal.

“It is extremely important that funds from frozen Russian assets begin to flow to Ukraine by the end of this year to ensure macroeconomic stability. It is also important that they are unconditional for Ukraine and do not create a debt burden for the budget,” Shmyhal said.

He also emphasized that these $50 billion will be an important resource for ensuring macro-financial stability and meeting the needs of Ukrainians.

For his part, Finance Minister Sergii Marchenko also emphasized the importance of this money for Ukraine.

“The recent offer of the European Commission of up to EUR 35 billion is an important step. We are counting on the G7's decision on the entire amount of $50 billion in the near future,” he emphasized.

As a reminder, this summer the G7 countries, including Canada, the United States and Japan, agreed on a plan to use the profits from frozen assets to provide Ukraine with a $50 billion loan to support its military operations.

Author - Dmitriy Levchenko, 10/10/2024