G7 finance ministers agree to deepen multilateral economic cooperation

23 May '22

2 min read

Pic: Shutterstock

G7 finance ministers and central bank governors, who recently met in Germany, agreed on concrete actions to deepen multilateral economic cooperation and underlined their commitment to a united response to Russia´s war of aggression against Ukraine and their support for Ukraine. The meeting agreed to provide Ukraine with $18.4 billion (€17.6 billion) to pay its bills.

Ukrainian Prime Minister Denys Anatoliyovych Shmyhal, who joined the meeting virtually along with his finance minister, said the funds would speed up Kyiv's victory over Russia and were just as important as the weapons provided.

The meeting was also attended by the heads of the International Monetary Fund (IMF), World Bank Group, Organisation for Economic Cooperation and Development (OECD) and Financial Stability Board (FSB).

The United States has confirmed that it will contribute $7.5 billion (€7 billion) from the $40-billion (€37.8 billion) aid package that the US Congress approved recently. Germany announced a contribution of €1 billion.

“We will continue to support the greater resilience of critical supply chains, including through diversification, and the investment in alternative resources and new technologies, including critical minerals and renewable energies,” the meeting’s communiqué said.

“The G7 remains committed to jointly addressing challenges to long-term growth, including facilitating the digital and net-zero transitions and the massive investments required. We commit to mobilise high levels of private and public investments to unleash the potential for innovation and productivity gains,” it added.

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