The leaders of the Group of Seven said they were dispelling the illusion that time was on Russia’s side or that it could win by causing Ukraine’s economy to collapse.
G7 leaders and partner countries on Wednesday, September 25, adopted the Joint Declaration on Support for the Recovery of Ukraine, which provides additional military, economic and humanitarian assistance both in the short term and for the post-war period. US President Joe Biden announced this in a solemn meeting of the signatory countries, Ukrinform reports.
“Today we will release the Joint Declaration of Support for Ukraine’s Recovery and Recovery to make it clear that we stand with Ukraine now and in the future,” Biden said.
He said more than 30 countries, as well as the European Union, joined the historic declaration.
The document, in particular, confirms strong international support for Ukraine now and in the future, “in wartime and in peacetime.” At the same time, the G7+ countries clearly stated their readiness to help with the short-term financing and long-term reconstruction process of Ukraine.
“We dispel any misconception that time is on Russia’s side or that it can win by causing the collapse of Ukraine’s economy,” the document emphasizes.
At the same time, it was noted that, according to international law, Russia is obliged to pay for the damage caused. To this end, the Russian Federation’s frozen sovereign assets in the West will remain immobile until it stops the aggression and compensates for Ukraine’s losses.
In addition, international partners are committed to supporting Ukraine’s macro-financial stability to restore critical infrastructure, stimulate economic growth, support social sustainability, and implement priority reforms. The latter include improving the business climate, strengthening anti-corruption efforts, reforming the justice system, and promoting the rule of law as part of EU accession.
Assistance will also be provided to allocate $50 billion to Ukraine under the Extraordinary Revenue Acceleration Loans for Ukraine (ERA) mechanism. The loans will be serviced and repaid using proceeds from fixed Russian sovereign assets located in the European Union and other relevant jurisdictions.
It is also planned to use the Ukraine Donor Platform to continue developing a strategy and coordinating the renewal of our country’s economy.
“In order to fulfill these commitments, each of us will endeavor to provide Ukraine with specific bilateral support in accordance with this joint declaration and the bilateral agreements and security arrangements negotiated and signed with Ukraine ,” the document emphasizes.
For its part, Ukraine promises to implement economic, judicial, anti-corruption reforms, as well as improving systems of corporate governance, defense, public administration, public investment management and law enforcement.
“These reforms are necessary and will be essential to ensure long-term support for the reconstruction and recovery of Ukraine,” the declaration said.
Let’s recall that in June the G7 countries agreed on $50 billion for Ukraine, which was used for interest from Russia’s fixed assets.
New Correspondent.net on Telegram and WhatsApp. Subscribe to our channels Athletistic and WhatsApp
Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.