Ukraine seeks $50bn from G7 countries & IMF as financial aid to Kyiv amid war with Russia

As the Russian war enters day 54, Ukraine on Sunday appealed to the Group of Seven (G7) and the International Monetary Fund to authorise $50 billion in financial aid to Kyiv. Speaking at a televised address, Chief Economic Advisor to Ukrainian President Volodymyr Zelenskyy, Oleg Ustenko stated that the embattled country is using "several parallel routes" to make up for the losses incurred in the wake of the two-month-long running Russian assault. He also added that Kyiv is also considering requesting a Special Drawing Rights loan from the IMF.

"The President (of Ukraine) has asked G7 countries to provide $50 billion in funding for Ukraine. We are using several parallel routes at the same time," Chief Economic Advisor to Zelenskyy, Oleg Ustenko said.

According to the economic expert, Ukraine is currently losing about $7 billion a month staging a strong defence and subsequent expenses, which roughly amount to $50 billion over a period of six months, Ustenko explained. The financial assistance if issued at 0% coupon bonds will help Kyiv cover the war-linked budget deficit over the next six months, the expert added. Further, he informed that the options are currently beings actively discussed in Zelenskyy's administration.

Kyiv asks Germany for Weapon supplies

As the Russian war looks at no sign to cease, Zelenskyy on Sunday reiterated Kyiv's call to the West to increase weapons supply to stage a strong defence against the invading forces. In a thinly-veiled swipe at Germany, the President said that the fate of the upcoming battle in Ukraine's eastern flank depends on "those who have the weapons and ammunition we need and are holding back." Speaking at his usual late-night address on the daily update of the war, Zelenskyy shared that he discussed the financial needs of the country with IMF chief Kristalina Georgieva, adding that they agreed on concrete measures to support Ukraine in the short and long terms.

He also took a swipe at Russia's renewed bombing campaign in Kharkiv and confirmed the official figures that five people have died in strikes on the city Sunday and 18 over the past four days. Zelenskyy added that Russian regrouping troops intend on destroying the once-celebrated industrial might of the Donetsk and Luhansk regions.

(Image: AP)