G7 says it is setting up multi-agency platform to coordinate aid to Ukraine By Reuters
Economy 15 minutes ago (Dec 12, 2022 22:51)
© Reuters. Italian Foreign Minister Antonio Tajani, Britain’s Foreign Minister James Cleverly, United States secretary of state Antony Blinken, Japan’s Foreign Minister Yoshimasa Hayashi, Canada’s Foreign Minister Melanie Joly, EU’s head of foreign policy Josep Bore
By Andrea Shalal
WASHINGTON (Reuters) – Group of Seven rich nations on Monday said they would set up a multi-agency platform to coordinate aid to Ukraine and support its repair, recovery and reconstruction, with senior representatives to convene as soon as possible in January.
G7 leaders in a joint statement issued after a virtual meeting said they would work with Ukraine, international partners and international financial organizations to establish the new Donor Coordination Platform.
“Through this platform, we will coordinate existing mechanisms to provide ongoing short- and long-term support …, coordinate further international funding and expertise, and encourage Ukraine’s reform agenda as well as private sector led growth,” they said,
The G7 leaders said they would set up a secretariat for the platform and each member country would designate a senior government representative to oversee creation of the platform and coordination efforts.
“We firmly support efforts to secure Ukraine’s immediate financial stability and its recovery and reconstruction towards a sustainable, prosperous and democratic future, in line with its European path,” they said in the statement.
The effort will build on a recovery conference held in Berlin in October and a separate event in London in June. International donors are due to meet again in Paris on Tuesday.
G7 leaders also pledged to help Ukraine meet winter preparedness needs and support civilian resilience, and vowed to keep drumming up international support for Ukraine’s urgent short-term financing needs.
They said they would ask G7 finance ministers to meet shortly to discuss a joint approach for coordinated budget support in 2023, with the International Monetary Fund (IMF) to play a central role.
IMF Managing Director Kristalina Georgieva told the Reuters NEXT conference on Dec. 1 it was critical to “front-load” aid to Ukraine ahead of harsh winter months, given ongoing Russian attacks on Ukraine’s infrastructure.
The IMF has provided $2.7 billion in emergency financing to Ukraine and recently agreed a board monitoring program with Ukraine that should pave the way for a larger financing program.
World Bank President David Malpass told the same conference that the World Bank had disbursed $18 billion to Ukraine, with much of it coming from the United States and Europe.
But the country will need $3 billion to $5 billion per month in budgetary assistance to keep its government running, the IMF estimates. That is up to $1 billion a month more than it forecast in October.
G7 says it is setting up multi-agency platform to coordinate aid to Ukraine
Terms And Conditions
© 2007-2022 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.