The Federal Minister of Finance now sees it as the turn of other states to provide financial support to Ukraine.
(Photo: IMAGO/photothek)
Bangalore The finance ministers of the western industrialized countries (G7) want to support Ukraine with further financial aid. At a meeting in Bangalore in southern India on Thursday, they discussed the financial needs of the war-ravaged country and how these can be met.
“We need additional support for Ukraine,” said Federal Finance Minister Christian Lindner (FDP). The point is that the war-torn country can maintain its “regular state activity”.
In a communiqué, the G7 states emphasized their willingness to provide further aid to Ukraine. “We reiterate our unwavering support for Ukraine and unite in condemning Russia’s war of aggression,” the statement said. There are already aid commitments for the current year of around 39 billion dollars.
However, the country’s financial needs are now said to be more than $40 billion, according to government circles. A “slightly higher” requirement is conceivable, said Lindner.
Another aid program from the International Monetary Fund (IMF) is currently being negotiated, it could have a volume of 15 billion dollars over four years. One condition, however, is that the remaining financial needs of the country are covered by further bilateral aid.
The G7 countries have already announced their support. The EU states could contribute 18 billion euros. US Treasury Secretary Janet Yellen announced another $10 billion. Japan has promised 5.5 billion. The country currently holds the presidency of the G7 countries. The comparatively generous offer should also be a signal to other countries.
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Despite the promised payments, there is still a gap of several billion dollars. It is still unclear how it will be filled. Lindner now sees other countries’ turn. Germany is already heavily involved, he stressed.
The Ukrainian Finance Minister Serhiy Marchenko joined the G7 finance ministers’ deliberations in Bangalore. IMF boss Kristalina Georgiewa also took part to give an interim status on the possible aid program of the IMF. The aim is for the IMF’s governing body to give the green light for the aid program at the end of March.
Burden for G20 meetings
The G7 round takes place before the meeting of the most important industrialized and emerging countries (G20) in Bangalore. It is true that the G7 finance ministers coordinate internally with the other countries before the larger rounds. Actually, these meetings are only unofficial. The fact that the G7 finance ministers are now even passing a communiqué is due to Russia’s war of aggression against Ukraine.
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Russia is also a member of the G20, but the Russian finance minister is not taking part in Bangalore; lower-ranking officials were expected. Nevertheless, the Ukraine war is discussed more controversially within the G20 than among the western states.
Since the beginning of the war, host India has avoided public condemnation of Russia. From China there is even support for Russia again and again.
It is therefore expected that the statements on the Ukraine war in the G20 final declaration will be more reserved. This is one reason why the G7 finance ministers wanted to send out a signal with their communiqué a day before the start of the G20 meeting.
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