Financial chiefs from the G7 countries – the U.S., the UK, France, Germany, Italy, Canada, and Japan – expanded help for Ukraine to $44 billion in 2023 and early 2024.
The decision was announced in a meeting communiqué published on May 13.
The financial help will enable the International Monetary Fund (IMF) to approve $15.6 billion of support for Ukraine over four years.
Such financial support will help Ukraine safeguard the functioning of its government, continue delivering basic services, carry out the most critical repairs of damaged infrastructure, and stabilize its economy, according to the statement.
“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 statement reads.
The World Bank has increased its assessment of Ukraine's needs for recovery and reconstruction to at least $411 billion based on the damages caused by the first year of Russia's all-out war, Bloomberg reported on March 23.
This figure is equivalent to 2.6 times Ukraine's projected gross domestic product in 2022, according to Bloomberg.
The total damages in Ukraine caused by Russia's war have reached almost $143.8 billion, according to the Kyiv School of Economics.
This figure is a $6 billion increase as of the end of January, when KSE estimated in a report that Russia's full-scale invasion caused over $138 billion worth of damages.
Earlier in April, Prime Minister Denys Shmyhal said that Ukraine would need $37 billion for de-mining work alone, as large swathes of Ukrainian land remain unusable due to mines and unexploded ordnance from the war.
The Kyiv Independent news desk
(Updated: )
