Ukraine can count on G7 financial support in wartime

*

G7 assured Ukraine of continued support – finmin german

*

Lindner calls for a more systematic approach to aid to Ukraine

*

Denies that Germany is slowing down the disbursement of aid

WASHINGTON, Oct 13 (Reuters) – Leaders of the wealthy Group of Seven (G7) nations have assured Ukrainian officials they will continue to provide financial support to Ukraine as it fights invading Russian forces, the German finance minister said on Thursday.

Rebuilding Ukraine will require joint efforts by international financial institutions, the G7, the United States and others, Christian Lindner told a news conference in Washington on the sidelines of the annual meetings of the International Monetary Fund and of the World Bank.

“The G7 yesterday assured (Ukrainian Finance Minister) Serhiy Marchenko of our support so that he can come up with reliable plans,” Lindner said.

Lindner said existing commitments cover Ukraine’s financial needs for this year, as IMF Managing Director Kristalina Georgieva reported on Wednesday and said there was enough time to mobilize resources for 2023.

Ukrainian President Volodymyr Zelenskiy told donors on Wednesday that Ukraine needs $55 billion in foreign aid next year to meet its budgetary needs and start rebuilding critical infrastructure such as schools.

SYSTEMATIC APPROACH

Lindner said it made sense to take a more systematic approach to Ukraine than ad hoc donor conferences. This would allow aid to be disbursed on a quarterly basis, while easing pressure on Ukrainian officials to continue asking donors for funds.

Georgieva said the IMF was working on a “Ukrainian Economic Forum” suggested by Zelenskiy to share information and coordinate financing needs and macroeconomic developments.

Germany will host a European Union conference on Ukraine’s recovery in Berlin on October 25 to discuss future reconstruction needs, although Lindner said this would require the participation of other actors, including the United States.

Lindner dismissed criticism from some international officials that Germany was withholding the disbursement of €9 billion in EU macroeconomic aid promised to Ukraine, and said he supported the full disbursement of this aid. sum.

He noted that Germany alone had already provided 1 billion euros in bilateral aid to Ukraine and that the money had been delivered – not just promised.

Asked about comments by U.S. Treasury Secretary Janet Yellen urging donors to keep their promises, Lindner later told Reuters he believed the comments were meant to assure U.S. lawmakers that Washington was pushing others to do their part and to avoid any attempt to reduce American support. (Reporting by Andrea Shalal, Writing by Andrea Shalal and Kirsti Knolle Editing by Paul Carrel and Gareth Jones)

About Norma Wade

Check Also

Georgia law enforcement and international partners solve transnational call center fraud

Georgia’s attorney general’s office said Wednesday it solved a transnational crime involving fraudulent call center …