The Group of Seven (G7) nations have increased their economic support to Ukraine to $39 billion in 2023, according to a statement published by the Japanese Finance Ministry.
These funds will "give Ukraine certainty" and allow the authorities to continue providing essential services, carry out critical repairs to the infrastructure damaged by Russian attacks and stabilize the country's economy, reads the statement.
"This will also support Ukraine in its effort to defend the country. This financial support is in addition to our vital military support and training to Ukrainian forces, humanitarian support, and development cooperation."
The G7 also urged the International Monetary Fund (IMF) and Ukraine to launch a $15 billion multi-year program by the end of March.
This program is expected to cover "immediate financial support and support for structural reforms that will contribute to Ukraine's recovery," said Ukrainian Prime Minister Denys Shmyhal.
The Group of Seven comprises the U.K., Canada, France, Germany, Italy, Japan, and the U.S. It is currently headed by Japan.