Finance ministers and central bank governors of the US, Japan, Canada, Britain, Germany, France and Italy — the G7 — are holding talks as Ukraine, invaded by Russia on Feb. 24, is struggling to fend off the attack and is running out of cash.
“The war in Ukraine ... also entails additional risks for the development of the world economy ... inflation, but also the lack of recovery after the pandemic. Therefore, we will have to discuss what we can do together in our respective areas of responsibility to avoid stagflation scenarios,” Lindner said.
Ukraine estimates its financial needs at $5 billion a month to keep public employees' salaries paid and the administration working despite the daily destruction wrought by Russia.The short-term financing package of some $15 billion to be agreed by the G7 would cover three months of Ukraine's needs. The EU executive also proposed to set up a fund of unspecified size of grants and loans for Ukraine, possibly jointly borrowed by the EU, to pay for its post-war reconstruction.
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