G7 Finance Ministers Confirm Commitment To Financially Support Ukraine As Long As Needed

MOSCOW (Pakistan Point News / Sputnik - 13th May, 2023) G7 Finance Ministers and Central Banks Governors confirmed on Saturday their commitment to support Kiev "for as long as it takes" and address urgent financial needs of Ukraine and its neighboring countries.

"We reiterate our unwavering support for Ukraine for as long as it takes and are united in our condemnation of Russia's illegal, unjustifiable, and unprovoked war of aggression against Ukraine," they said in a joint communique released following the three-day meeting in Japan's Niigata, adding that they are "strongly committed to continue addressing Ukraine's urgent short-term financing needs, as well as supporting its neighboring and other severely affected countries."

The participants of the G7 summit also reaffirmed their support for international cooperation as a means for solving global economic problems, adding that they reject "Russia's repeated false narrative" about the negative impact of sanctions on food and energy security.

"We, together with the international community, have increased our commitment of budget and economic support for Ukraine for 2023 and early 2024 to 44 billion US dollars, which enabled the approval of an International Monetary Fund (IMF) program for Ukraine amounting to 15.6 billion US Dollars over 4 years," the communique said.

The allocated funds, the G7 finance ministers believe, will help to restore Ukraine's critical infrastructure and ensure the normal functioning of its government, the provision of basic services and the economic stabilization.

Besides, the G7 member states' representatives confirmed their intention to maintain the anti-Russian sanctions regime.

"We reiterate our unwavering resolve to impose and enforce sanctions and other economic measures to further undermine Russia's capacity to wage its illegal, unjustifiable and unprovoked war of aggression. We remain committed to countering any attempts to evade and undermine our sanction measures," the communique said.

The parties also intends to continue closely monitor cross-border transactions between Russia and other countries, as well as analyze "the effectiveness of the price caps on Russian crude oil and petroleum products to ensure the measure delivers on its objectives."