Ukraine expects first tranche of $50 billion from G7 by year-end - Ukrainian PM
Photo: Prime Minister of Ukraine Denys Shmyhal (Vitalii Nosach, RBC-Ukraine)
Ukraine expects that, despite all delays, financial assistance under the new G7 instrument will begin to arrive before the end of 2024. The total amount of aid is $50 billion, stated Prime Minister Denys Shmyhal, according to the government portal.
“It is extremely important that the funds from frozen Russian assets start coming 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,” the Prime Minister said.
He also emphasized that this $50 billion will be an important resource for ensuring macro-financial stability and meeting the needs of Ukrainians.
Finance Minister Sergii Marchenko also highlighted the significance of this money for Ukraine.
"The European Commission's recent proposal of up to EUR 35 billion is an important step in this direction. We expect to reach a fair solution with the G7 countries in the near future,” he added.
This summer, G7 countries, including Canada, the USA, and Japan, agreed on a plan to use profits from frozen assets to provide Ukraine with a $50 billion loan to support military operations.
Volodymyr Fesenko, head of the Penta Center of Applied Political Surveys, previously explained the problem with the $50 billion in aid to Ukraine from the West.
