Group of Seven financial leaders announced billions of dollars in new aid to Ukraine on Friday, promising enough money to highlight the country’s devastated economy as long as it fights Russia’s invasion. Also read: Sri Lankan Crisis: “We Will Die,” Prime Minister Ranil Wickremesinghe said food shortages are contributing to the turmoil. In a draft group communiqué published later Friday, G7 officials cited $ 18.4 billion in budget support for Ukraine this year, including a recent commitment of $ 9.2 billion. Another G7 official said price caps and tariffs were problematic, as producers had little incentive to comply and consumers could bear the brunt of additional costs. In the draft communiqué, the G7 welcomed the European Commission’s proposal to lend € 9 billion ($ 9.52 billion) to Ukraine on Wednesday.

Source: dna May 20, 2022 12:21 UTC