G7 leaders agree $50bn loan plan for Ukraine, officials say

Their plan is to raise $50bn (£39bn) for Ukraine by using frozen Russian assets.

In Summary
  • It is hoped that the plan, which officials say G7 members have agreed to, would give cash-starved and war-weary Ukraine another vital lifeline.
  • The G7 summit will also involve leaders from Africa and the Indo-Pacific region, and will discuss economic co-operation with developing countries.

US President Joe Biden and Ukrainian President Volodymyr Zelensky are at the G7 summit in Italy and are expected to hold a press conference later today.

Top of their agenda is a plan to raise $50bn (£39bn) for Ukraine by using frozen Russian assets.

It is hoped that the plan, which officials say G7 members have agreed to, would give cash-starved and war-weary Ukraine another vital lifeline.

Representatives from Canada, France, Germany, Italy, Japan, the UK and the US are at the summit to discuss issues including the wars in Ukraine and Gaza.

The G7 summit will also involve leaders from Africa and the Indo-Pacific region, and will discuss economic co-operation with developing countries.

The group cannot pass laws. However, some of their past decisions have had global effects, including backing a deal in 2021 to tax multinational companies.

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