Bringing together the most industrialized countries, the G7 has pledged to contribute US$19.8 billion to the financing of Ukraine, which is facing Russian occupation, the group said at the end of its meeting on Friday.

The funds will be used “to help Ukraine close its fiscal deficit and continue to guarantee the provision of essential services to the Ukrainian people,” the G7 finance ministers said in a statement following the meeting.

Consisting of the United States, Japan, Canada, France, Italy, the United Kingdom and Germany, the group’s document does not specify how much each country or international organization will contribute or the proportion of loans and direct aid.

Of the $19.8 billion, $9.5 billion was secured at the end of a two-day meeting in Köningwinter, outside Bonn, in western Germany.

“Ukraine’s liquidity is guaranteed for the foreseeable future,” German Finance Minister Christian Lindner said at a press conference.

The meeting sought to find liquidity to maintain Ukraine’s financial position in the current quarter amid the Russian offensive.

The United States plans to contribute up to $7.5 billion included in the $40 billion package approved by Congress on Thursday.

The European Commission on Wednesday offered “new macro-financial assistance” to Ukraine “up to 9 billion euros” ($9.5 billion) this year.

Kyiv estimates it needs $5 billion a month to run the country.

“We will be with Ukraine” […] “We are ready to do more than is necessary,” G7 representatives said on Friday.