G7 Finance Ministers to Thrash Out Ukraine Aid Plan

G7 Finance Ministers to Thrash Out Ukraine Aid Plan

G7 partners meet Thursday hoping to find a solution for Kyiv's budget troubles as the fallout from Russia's invasion of Ukraine continues to roil the global economy.

Finance ministers from the Group of Seven industrialized nations are holding talks in Koenigswinter in western Germany to coordinate their response.

"The bilateral and multilateral support announced so far will not be sufficient to address Ukraine's needs, even in the short term," United States Treasury Secretary Janet Yellen said in a speech in Brussels on Tuesday.

Yellen, who is attending the meeting in Koenigswinter, called on US partners to "join us in increasing their financial support" for war-scarred Ukraine.

The United States has forged ahead with a $40 billion (38 billion euros) aid package to fill Kyiv's coffers and military stores.

But domestically, the world's top economy is faced with soaring inflation, while fears mount that the country could tip into recession.

The story is similar in Europe, where the disruptions caused to supplies of raw materials, components and agricultural goods have darkened the outlook.

The continent's heavy reliance on Russian energy imports also leaves it exposed to further fuel price rises or potential disruptions to supply.

- Financial support -

G7 partners have to "assure Ukraine's solvency within the next days,