The G7 confirms its “convinced support” for Kiev


By John

The G7 countries confirmed their “full, shared and convinced support for Ukraine, renewing confidence in the country that it will be able to overcome the difficulties”. This was said by the Minister of Economy Giancarlo Giorgetti, at the end of the first session of the inter-ministerial G7 within the framework of the meetings of the International Monetary Fund. Giorgetti invited the Ukrainian finance minister Sergii Marcenko, present at the meeting, also to the financial G7 which will be held in Stresa from 23 to 25 May.

At the end of the meeting, the G7 said it remains “committed to supporting” Ukraine and will continue “to work on all possible avenues in which Russia's frozen assets could be used to support” Kiev “in line with the law international and our respective legal systems”. The group, the statement said, remains “united in condemnation” of Russia's war against Ukraine and calls on Moscow to end it, thus removing great uncertainty over the global economic outlook.

“We remain strongly committed to helping Ukraine meet its financing needs in the near term,” continues the note, in which the G7 pledges to strengthen efforts to help Kiev with its “2024 financing needs”https:/ /”We reiterate our commitment to support Ukraine's long-term recovery and reconstruction needs, which the World Bank currently estimates at around $486 billion over ten years”, adds the G7 while “welcoming the European proposals to direct the extraordinary revenues deriving from Russia's assets tied up for the benefit of Ukraine.”

Finance ministers and central bank governors meeting in Washington discussed the frozen Russian assets behind closed doors. A topic which – states the Minister of Economy Giancarlo Giorgetti – sees the Italian presidency grappling with a “very delicate task”.

The Middle East

“We reiterate our condemnation of Iran's unprecedented attack on Israel. We will ensure maximum coordination on any future measures that reduce Iran's ability to acquire, produce or transfer weapons.” This was stated by the G7 of financial ministers and central bank governors, who say they are “concerned about the crisis in Gaza after the Hamas terrorist attack against Israel on 7 October. We will continue to work to deliver more humanitarian aid to the Palestinians”.