G7 countries boost Ukraine aid to $44B

After three days of negotiations, the finance ministers of the G7 countries increased their commitment of economic and budget support for Ukraine for 2023 and early 2024 to $44 billion.

That's according to Bloomberg, Ukrinform reports.

"We call for an immediate end of Russia's illegal war against Ukraine, which would clear one of the biggest uncertainties over the global economic outlook," the ministers said in a joint statement.

According to the statement, the ministers increased their commitment of budget and economic support for Ukraine for 2023 and early 2024 to $44 billion, which enabled the approval of an International Monetary Fund (IMF) program for Ukraine amounting to $15.6 billion over four years.

The ministers also emphasized the need to stay agile and flexible in their macroeconomic policy amid heightened uncertainty about the global economic outlook.

In addition, the G7 finance ministers and central bank governors from the United States, the United Kingdom, France, Germany, Italy, Canada and Japan coordinated their positions on a wide range of issues - from problems in the banking sector to debt restructuring.