G-7 Finance Chiefs Agree on 50-B.-Dollar Aid for Ukraine

Washington, Oct. 25 (Jiji Press)--Finance ministers and central bank governors from the Group of Seven major democracies met in Washington on Friday and agreed on a framework to provide loans worth 50 billion dollars to Ukraine.

The loans will be repaid with interest earned on Russian assets frozen as part of economic sanctions over Russia's invasion of Ukraine.

The details of the financial aid framework will be announced shortly by Italy, which holds the G-7 presidency this year. The G-7 plans to provide the loans for three years from December.

Under the framework, the Japan International Cooperation Agency is expected to provide yen loans totaling about 500 billion yen through a World Bank fund in a way that prevents the funds from being used for military purposes.

The United States has already announced its contribution of 20 billion dollars, and Britain and Canada have pledged 2.26 billion pounds and 5 billion Canadian dollars, respectively. In the European Union, the European Parliament has approved a plan to provide up to 35 billion euros.

[Copyright The Jiji Press, Ltd.]