Economic

G7 ministers to discuss Russian war’s impact on global economy

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G7 partners meet Thursday hoping to find a solution for Kyiv’s budget troubles as the fallout from Russia’s invasion of Ukraine continues to roil the global economy. Follow FRANCE 24’s liveblog for all the latest developments. All times are Paris time (GMT+2). 

5:15am: Japan doubles its aid to Ukraine

Japan will double fiscal aid for Ukraine to $600 million in a coordinated move with the World Bank to back the country’s near-term fiscal necessities damaged by Russia’s invasion, Prime Minister Fumio Kishida told reporters on Thursday.

Japan, a member of the Group of Seven industrialised nations, had previously announced $300 million in loans to Ukraine in April.

04:31am: G7 Finance ministers meeting to discuss Ukraine budget, impact of war on global economy

Finance ministers from the Group of Seven industrialised nations are holding talks in Koenigswinter in western Germany to coordinate their response.

“The bilateral and multilateral support announced so far will not be sufficient to address Ukraine’s needs, even in the short term,” United States Treasury Secretary Janet Yellen said in a speech in Brussels on Tuesday. 

Yellen, who is attending the meeting in Koenigswinter, called on US partners to “join us in increasing their financial support” for war-scarred Ukraine.

(FRANCE 24 with AP, AFP and REUTERS)

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