Group of Seven (G-7) finance ministers meeting in Bonn will discuss an aid package to support the immediate financial needs of Ukraine, according to government officials.
While final figures have not yet been decided, the G-7 will probably consider a preliminary contribution of 5 billion euros ($5.3 billion) for the first month, said two people familiar with the matter who declined to be identified because talks are ongoing. They are looking at a possible three-month package, one of the officials said.
The government in Kyiv has estimated the impact of the war could reach $560 billion, including indirect losses. The International Monetary Fund, which approved a $1.4 billion emergency loan for the country in April, expects Ukraine’s economy to contract 35% in 2022 because of the conflict.
A joint package by the G-7 would transform the group’s messages of solidarity for Ukraine into hard financial fact.
Until now, finance ministers have held discussions twice since the war broke out, including a brief gathering in Washington on April 20 when they “expressed our unwavering support” for the country’s people and government.