The G7 countries have committed $20 billion to Ukraine.

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KÖNIGSWINTER, Germany — The Group of 7 economic powers agreed on Friday to provide nearly $20 billion to support Ukraine’s economy in the coming months to help keep the country’s government operational as it fights to repel a Russian invasion.

In a joint statement after two days of meetings, finance ministers from the 7 Group reaffirmed their commitment to help Ukraine with various grants and loans. According to the International Monetary Fund, Ukraine needs about $5 billion per month to maintain basic government services.

The $19.8 billion funding was agreed after the United States, which has contributed more than $9 billion in short-term financing, pressured its allies to do more to secure Ukraine’s future. The statement did not reveal how much the other 7-nation Group would contribute.

However, the European Commission had previously agreed to provide financial assistance of up to 9 billion euros. The European Bank for Reconstruction and Development and the International Finance Corporation plan to provide an additional $3.4 billion to state-owned enterprises and the private sector in Ukraine.

“We will continue to stand by Ukraine throughout this war and beyond, and we are ready to do more if necessary,” the statement said.

Economic policymakers also acknowledged that the war will have more repercussions, and pledged to keep markets open as they grapple with rising food and energy prices around the world on Friday. They also said they would closely monitor central banks’ inflation measures and the impact of rising prices on their economies.

“We are very concerned about crises and macroeconomic developments,” German Finance Minister Christian Lindner said at his closing press conference on Friday, according to his English translation.

The two-day summit on the outskirts of Bonn came at a crucial time for the world economy as war, supply chain problems and growing concern that the lingering effects of the pandemic could lead to a contraction in global production. The finance ministers discussed the benefits of a European embargo on Russian oil and whether the seized Russian assets could be used to rebuild Ukraine, while discussing ways to maintain pressure on Russia while minimizing damage to their economy.

“The values ​​of the international community have been completely cast aside by Russia,” Lindner said.

Officials from the world’s leading advanced economies discussed possible areas of cooperation, such as tackling climate change and advancing a global tax treaty reached last year but facing implementation problems.

But a complex mix of foreign policy challenges and economic headwinds dominated the meetings.

Treasury Secretary Janet L. Yellen warned this week that Europe could be vulnerable to recession due to its exposure to Russian energy. He doesn’t expect a recession in the US, but said on Thursday a “soft landing” is not guaranteed as the Federal Reserve raises interest rates to curb inflation.

“I think it could be a soft landing that requires both skill and luck,” Yellen told reporters on the sidelines of the Group 7 summit. “This is a very difficult economic situation.”