The G7 summit creates a $50 billion aid package for Ukraine.
The Italian Prime Minister, Giorgia Meloni, has extended an invitation to the leaders of Germany, France, the UK, the US, Japan, and Canada for a summit in Apulia, Italy till Saturday. The gathering is taking place at the opulent holiday resort of Borgo Egnazia, a place frequented by wealthy individuals and celebrities.
Federal Finance Minister Christian Lindner (FDP) expressed his approval for the 50-billion-dollar pact that has been reached. He stated on social media platform X, "Positive news from the G7." He proceeded to mention how the utilization of frozen Russian assets can display solidarity, aid Ukraine significantly, and alleviate budgetary constraint. More talks are underway to finalize the agreements.
G7 members and the EU have successfully restrained approximately 300 billion euros (325 billion dollars) in assets of the Russian central bank. In an effort to bolster military aid for Ukraine, the EU states agreed to utilize the interest earnings from these frozen Russian assets. An annual sum of around 3 billion euros is projected, primarily designated for military support.
Upon scrutinizing the severe monetary demands of Ukraine after spending two years in war, the US floated a different model. Here, the interest earnings would be utilized to compensate for a 50 billion dollar loan and the connected expenses. The intricacies of this plan, however, are quite intimidating. Negotiators from the G7 have been actively engaged in hashing out consensus for days.
French delegates signaled an agreement on Wednesday evening. Delegations from other countries were more guarded initially. On Thursday, the US revealed that "crucial decisions have been reached." Nonetheless, they acknowledged that there are certain details that need to be addressed by experts in conformance with a predetermined schedule.
Prior to the G7 talks concerning Ukraine, President Volodymyr Zelenskyy is slated to contribute in the afternoon. He previewed on Telegram, "I anticipate noteworthy decisions today." Zelenskyy and US President Joe Biden are scheduled to sign a bilateral security accord between their countries at the summit, with a similar deal also proposed with Japan.
The first working session with the G7 leaders tackled Africa, climate change, and development. Meloni, at the onset, affirmed that the G7 is of vital importance in addressing global predicaments that potentially endanger freedom and democracy. Later in the afternoon, the discussion will revolve around the situation in the Middle East, wherein the G7 will advocate for a ceasefire and the liberation of hostages. Subsequently, the Ukraine dilemma will be reviewed.
On Friday, the emphasis will shift predominantly towards the issues in the Indo-Pacific and China. Additionally, a session on Artificial Intelligence is scheduled to take place in the afternoon, and Pope Francis will join in. The official G7 summit schedule will then conclude in the evening.
