The western industrial nations promise President Zelensky to support his country financially “for as long as it takes”. According to Kyiv, it needs 38 billion dollars for 2023 alone.
The seven leading industrialized countries (G7) want to provide Ukraine with massive financial support in the coming year. After consultations, the G-7 finance ministers announced on Wednesday evening that they remain firmly on the country’s side in view of the Russian war of aggression and will help solve Ukraine’s budget problems “as long as it takes”. Kyiv itself estimates the financial requirements for 2023 at around 38 billion dollars (39 billion euros). The money is needed to plug the hole in the budget and to be able to pay teachers and doctors, for example, said President Volodymyr Selenksiy in a video booth, which was attended by the G-7 ministers, among others, the heads of the International Monetary Fund (IMF) and World Bank, Kristalina Georgieva and David Malpass attended.
Before the start of a meeting with his Ukrainian counterpart Sergej Marchenko in the US capital, Federal Finance Minister Christian Lindner said that Germany was also ready to provide further aid. However, one can only decide on the exact amount when all the figures are on the table and there is a reasonable data basis. Lindner and Marchenko are in Washington for the joint annual meeting of the IMF and the World Bank.
According to the G7, Ukraine’s most urgent financial needs for the current year have been covered for the time being by global support. In addition to military and humanitarian support, according to the information, budget support in the amount of 20.7 billion dollars has already been paid to Kyiv. The international community has pledged a total of 33.3 billion dollars for this year.
By far the largest donor is the USA, while Germany contributes the largest sum of all EU countries, according to the Federal Ministry of Finance, totaling 1.4 billion euros. In addition, the Federal Government also participates in the aid provided by international financial institutions. For example, talks are currently underway about how Germany can support European Bank for Reconstruction and Development projects in Ukraine. According to the Ministry of Finance, the government has also launched humanitarian aid for Ukraine and its neighbors totaling 370 million euros.