G7 countries agree on $50 billion loan to Ukraine: when will the first disbursements be made
The G7 (G7) countries have agreed to provide Ukraine with a $50 billion loan, which will be financed by the proceeds from the frozen assets of the Central Bank of Russia. This is stated in the joint statement statements G7 countries.
According to the document, the funds will be provided in the form of a loan, which must be serviced and repaid thanks to future revenues obtained from the use of blocked Russian assets. G7 leaders plan to start payments by the end of this year.
For data Reuters, an additional statement from the G7 finance ministers specified that the loan will be provided through a series of bilateral loans, the first of which will come on December 1, 2023, and the total disbursement will last until the end of 2027, taking into account Ukraine’s urgent financial needs. While specific loan amounts have not yet been disclosed, details of this aid package will be announced in the coming days.
The USA intends to allocate 20 billion dollars to Ukraine, another 20 billion is promised by the EU, and the remaining 10 billion will be provided by Canada, Great Britain and Japan.
Back in June, at a summit in Italy, “Group of Seven” preliminarily agreed on a loan in the amount of 35 billion euros, secured by Russian assets. However, the US later announced its readiness to provide Ukraine with $20 billion, even without guarantees from the EU regarding the long-term blocking of these assets.
On October 23, the European Council officially approved an aid package for Ukraine in the amount of 35 billion euros, which will contribute to the further stabilization of the Ukrainian economy.
