HomeWorldG7 agrees on loan of “approximately $50 billion” to Ukraine

G7 agrees on loan of “approximately $50 billion” to Ukraine

The G7 agreed to a loan of around $50 billion to Ukraine that will be repaid with interest on Russian assets frozen under Western sanctions.

This is a new and important economic aid that will benefit Ukraine, which has been at war with Russia since February 2022. The G7, which brings together seven of the most advanced economies in the world, announced this Friday, October 25, an agreement with a view to to. grant a loan of “approximately 50 billion dollars” to kyiv. This loan will be repaid with interest on Russian assets frozen under Western sanctions.

“The servicing and repayment of these loans will be guaranteed by future windfall revenue streams from the tying up of Russian sovereign assets, in accordance with the respective legal systems of the G7 countries and international law,” the seven states said in a statement. final statement released Friday. on the sidelines of a meeting in Washington. “Our goal is to begin disbursing the funds at the end of the year,” it is specified.

The idea for this loan dates back to June

Last June, during the G7 summit in Italy, the seven heads of State and Government agreed on the principles of this loan. But practical arrangements and technical and legal details still had to be worked out.

“Today’s announcement confirms that the G7 respects the commitment made in June at the G7 leaders’ summit in Puglia,” is written in the press release published this Friday evening.

“Russia must end its illegal war of aggression and pay for the damage it has caused to Ukraine, in accordance with international law,” the G7 also stated in its press release.

On October 19, the International Monetary Fund (IMF) released 1.1 billion euros for Ukraine, bringing to $8.7 billion the funds already paid under its support program for kyiv.

Author: Matthieu Heyman with AFP
Source: BFM TV

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