Go behind the headlines: From the economy and healthcare to politics and the environment – and so much more – On Point talks with newsmakers and real people about the issues that matter most. On Point is produced by WBUR for NPR.
And WHYY will provide a meal to someone in need.
File photo: French President Emmanuel Macron takes part in a video-conference of G7 leaders on Ukraine at the Elysee Palace in Paris, Sunday, May 8, 2022. (Thibault Camus/AP)
The Group of Seven leading economies agreed Friday to provide $19.8 billion in economic aid to Ukraine to ensure its finances do not hinder its ability to defend itself from Russia’s invasion.
German Finance Minister Christian Lindner told reporters that $9.5 billion of the total amount was mobilized at meetings of the G-7 finance ministers in Koenigswinter, Germany, this week.
“We agreed that Ukraine’s financial situation must have no influence on Ukraine’s ability to defend itself successfully,” he said. “We need to do our utmost to end this war.”
Russia’s invasion touched on almost every topic of the finance ministers’ meetings this week, from the need to reduce reliance on Russian energy to reforming relationships between countries to maintain economic stability.
“Russia’s war of aggression is causing global economic disruptions, impacting the security of global energy supply, food production and exports of food and agricultural commodities, as well as the functioning of global supply chains in general,” a G-7 statement says.
U.S. Treasury Secretary Janet Yellen and other leaders spoke this week about the need for allies to put together enough additional aid to help Ukraine “get through” the Russian invasion.
Worried by Ukraine war impacts, environmentalists petition feds to dump LNG by rail
Environmentalists support a White House proposal to reverse a Trump-era rule, but worry plans to help the war effort in Ukraine with greater LNG could derail the efforts.
6 months ago
“All of us pledged to do what’s necessary to fill the gap,” Yellen said Thursday as the ministers finished their first of two days of talks. “We’re going to put together the resources that they need.”
The International Monetary Fund’s latest world economic outlook says Ukraine’s economy is projected to shrink by 35% this year and next.
The finance ministers of the G-7 — which includes Canada, France, Germany, Italy, Japan, the United Kingdom and the U.S. — also have grappled with deepening inflation, food security concerns and other economic issues during their talks.
A communique marking the end of their meetings addressed commitments to addressing debt distress in low-income countries, trying to ease the fallout from the coronavirus pandemic and staving off inflation rates “that have reached levels not seen for decades.”
As the finance ministers were meeting in Germany, the U.S. overwhelmingly approved its own $40 billion infusion of military and economic aid for Ukraine and its allies. A portion of the U.S. funding was included in the G-7 package for Ukraine.
The United Kingdom committed $50 million toward Ukraine from the London-based European Bank of Reconstruction and Development, Treasury chief Rishi Sunak said.
“This comes on top of the $950m in loan guarantees that the UK has already committed to significantly scale up World Bank lending to the Government of Ukraine to help meet urgent fiscal need,” according to a news release from Sunak’s office.
This week was a rally for funds to Ukraine and those affected by the war.
Treasury and several global development banks announced Wednesday that they would spend tens of billions to work “swiftly to bring to bear their financing, policy engagement, technical assistance” to prevent starvation prompted by the war, rising food costs and climate damage to crops.
That money will be spent on supporting farmers, addressing the fertilizer supply crisis, and developing land for food production, among other issues.
Other issues of concern for G-7 finance leaders touched on the need for countries to increase scrutiny and regulation of cryptocurrency and other digital assets and streamlining pandemic responses.
Get the WHYY app!
Stream WHYY-FM, read the top stories from WHYY News, and listen to the latest podcast from WHYY Digital Studios — anytime, anywhere.
WHYY is your source for fact-based, in-depth journalism and information. As a nonprofit organization, we rely on financial support from readers like you. Please give today.
National Constitution Center honors Ukraine President Volodymyr Zelenskyy with 2022 Liberty Medal
Zelenskyy was selected as the 2022 recipient for “his heroic defense of liberty in the face of Russian tyranny.”
2 weeks ago
The war in Ukraine and Putin’s fading victory
The tide appears to be turning against Putin in the war as Russian forces retreat. What will he do next?
Air Date: September 30, 2022 10:00 am
Russia will annex 4 regions of Ukraine after Kremlin-orchestrated ‘referendums’
The United States and its Western allies have sharply condemned the votes as “sham” and vowed never to recognize their results.
2 months ago
Delaware homeless shelter gets $1.25 million boost from Bezos fund
4 students shot near Philly’s Overbrook High School: Police
Immigrant rights groups ‘frustrated’ after N.J. lawmakers postpone vote on temporary workers’ bill of rights
Want a digest of WHYY’s programs, events & stories? Sign up for our weekly newsletter.
Together we can reach 100% of WHYY’s fiscal year goal
WHYY provides trustworthy, fact-based, local news and information and world-class entertainment to everyone in our community.
WHYY offers a voice to those not heard, a platform to share everyone’s stories, a foundation to empower early and lifelong learners and a trusted space for unbiased news. Learn more about Social Responsibility at WHYY. It’s how we live.
© WHYY MMXXII
WHYY is partnered with