G7 Partners Set to Meet in Germany

G7 partners are set to meet in Germany later today to find a way to repair Ukraine’s war-ravaged economy.

United States Treasury Secretary Janet Yellen said in a speech on Tuesday that the support pledged so far “will not be sufficient to address Ukraine’s needs, even in the short term.”

Yellen, who is attending the meeting in Koenigswinter, called on US partners to “join us in increasing their financial support” for Ukraine.

Russia’s invasion has devastated Ukraine’s finances, causing “a drop in tax revenue and leaving it with a shortfall of around $5 billion, £4.02 billion, a month.”

The US has forged ahead with a $40 billion, £32.2 billion, “aid package” to bolster Kyiv’s coffers and military supplies.

But the world’s largest economy is facing its own challenges at home with soaring inflation, while fears mount that the country could edge towards “recession.”

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

Furthermore, the continent’s ‘heavy reliance’ on Russian energy imports leaves it exposed to further fuel price rises or potential disruptions to supply.

BBC /Shakirat Sadiq