G7 leaders agree to deliver $50 bln in loans to Ukraine as soon as December

26/10/2024 11:42

        Leaders of the Group of Seven wealthy democracies on Friday reached consensus on delivery of some $50 billion in loans to Ukraine backed by the earnings from frozen Russian sovereign assets starting as early as December.
        
        "These loans will be serviced and repaid by future flows of extraordinary revenues stemming from the immobilization of Russian Sovereign Assets," the G7 statement said.
        
        "Our aim is to begin disbursing the funds by the end of the year," said the statement, which was released as global finance chiefs were meeting in Washington for the International Monetary Fund and World Bank annual meetings.
        
        An accompanying statement from G7 finance ministers said that the loans would be disbursed through a series of bilateral loans, starting as soon as Dec. 1 and continuing through the end of 2027 "in installments that will reflect Ukraine’s urgent financing needs."
        
        Each bilateral loan would enter into force no later than June 30, 2025, which provides some timing flexibility for G7 members to arrange details.
        
        The statement announcing the principles and some technical details did not provide specific amounts for the bilateral loans but said additional details will be issued in a term sheet to be distributed in coming days.