Group of 7 pledges almost $20B in aid for Ukraine

The Group of 7 economic powers on Friday agreed to a $19.8 billion economic aid package for Ukraine, which is continuing to defend itself against a ruthless Russian-led invasion, The New York Times reports.

The group's financial backing will come in a mix of grants and loans, per the Times. The International Monetary Fund has said Ukraine needs about $5 billion per month to maintain basic government services.

"We will continue to stand by Ukraine throughout this war and beyond and are prepared to do more as needed," read a statement from the G7's finance ministers, who also vowed Friday to keep markets open, monitor inflation, and tackle rising global food and energy costs.

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The $19.8 billion is notably meant to keep the Ukraine government functioning, and able to provide basic services for its citizens. The money is "separate from efforts to provide the country with weapons and humanitarian aid," notes The Associated Press.

On Thursday, the U.S. Senate easily passed a different $40 billion Ukraine aid package; a portion of that funding is included in the G7 aid, per AP.