G7 meeting agrees on $18.4 billion for Ukraine, mass media report

At a meeting of the G7 countries and international financial institutions on Thursday, it was agreed to allocate $18.4 billion to Ukraine to finance the budget for the next three months.

Reuters reports, citing a draft communiqué.

"We have mobilized 18.4 billion US dollars of budget support, including 9.2 billion US dollars of recent commitments in the lead up to the Petersberg meeting, to help Ukraine close its financing gap and continue ensuring the delivery of basic services to the Ukrainian people," the finance ministers and G7 central bankers said in the project document.

This amount is necessary for the functioning of Ukraine in May, June, and July, given the calculations of the government and the IMF, and the World Bank on the need for monthly funding of the budget of $5 billion. The G7 ambassadors were expected to agree on $15 billion, but it was assumed that in the final decision, it would be higher thanks to the support of multilateral development banks.

Earlier, it was reported that a significant part of these funds will be provided in the form of grants. In a state of war, Ukraine cannot provide the necessary funds to the budget on its own due to a significant drop in tax and non-tax revenues.

It was also assumed that the agreed amount could reach $30 billion.