At their meeting in Bonn and Königswinter, G7 finance ministers and central bank governors mobilised extensive financial assistance for the Ukrainian government. Together with international financial institutions, they will provide direct assistance in the amount of USD 19.8 billion. During their talks, which were held under the auspices of Germany’s G7 presidency, G7 finance leaders also agreed on common positions in other key areas including: ensuring economic stability; debt management in developing countries; taxing the digital economy; climate action; and overcoming the global coronavirus pandemic.
On 18-20 May 2022, G7 finance ministers and central bank governors convened in Bonn and Königswinter, where they held in-depth talks on a variety of pressing global challenges. At their third meeting under Germany’s G7 presidency, the finance leaders agreed on specific measures to intensify multilateral economic cooperation.
After their meeting on 20 May, the G7 finance ministers and central bank governors released a joint communiqué that can be downloaded here:
“Together with international organisations, the G7 have put together a package that aims to provide Ukraine with the financial means to continue functioning effectively in the foreseeable future.”
Finance Minister Christian Lindner
The talks focused in particular on demonstrating solidarity with Ukraine and taking additional concrete steps to provide Ukraine with financial support. At the final press conference, Finance Minister Christian Lindner declared that “Ukraine’s financial situation must not have any influence on its ability to defend itself successfully.” He stated further that important progress towards this end had been achieved at the meeting.
Together with international financial institutions, the G7 will make direct, short-term financial assistance available to Ukraine in an amount totalling USD 19.8 billion. Nearly half of this amount (USD 9.5 billion) was mobilised at the Bonn/Königswinter meeting. Germany pledged a major contribution of €1 billion. In Lindner’s words, “We are providing Ukraine with rapid and comprehensive support”. He emphasised that the newly mobilised funding does not include the humanitarian and military aid that is already being provided. In the years from 2014 to 2021, assistance totalling over USD 60 billion has been provided to Ukraine. Germany has contributed the second-largest share of this assistance, behind only the United States.
Upon invitation by the German presidency, the meeting was also attended virtually by Prime Minister Denys Shmyhal and Finance Minister Sergii Marchenko of Ukraine.