The President Joe Biden hosted an event Wednesday afternoon in New York City with world leaders that was attended by the president of Ukraine, Volodymyr Zelenskyto launch The G7 joint statement supporting Ukraine’s recovery and reconstruction in the midst of its ongoing war with Russia.
Biden announced that more than 30 countries and the European Union have joined to the historic “Joint Declaration in Support of the Recovery and Reconstruction of Ukraine”.
All signatories of the statement attended the event at the White House, demonstrating broad international support for Ukraine in its defense against Russian aggression.
At Wednesday’s event, President Joe Biden, President of Ukraine Volodymyr Zelensky and other world leaders They commented on the importance of this G7 Joint Declaration to reaffirm its Support for Ukraine in the war and in reconstructionwhich is available here:
The text of the Joint Declaration reads at the beginning: “We, the leaders of the Group of Seven (G7), reaffirm our unwavering support for Ukraine today and in the future, in war and in peace. As stated in the Apulian-G7 Leaders’ Communiqué, together with our international partners, we remain determined to provide military, budgetary, humanitarian and reconstruction support to Ukraine and its people, and we are firmly committed to helping Ukraine meet its urgent short-term financing needs and to contributing to Ukraine’s long-term recovery and reconstruction.”
In the statement was reaffirmed in the first place that Russia must be held accountable under international law for the damage caused by the war in Ukraine, and that all Russian assets in the signatory countries remain frozen until Russia pays for the damage.
Secondly, the commitment to provide economic assistance was expressed. to facilitate the reconstruction of Ukraine after the war, helping to organize the infrastructure of a country severely damaged by the war.
The signatory countries also committed themselves thirdly to guarantee a monetary flow which will be used in part to support Ukraine militarily in its defence against Russian invasion until the end of the year. In this regard, the statement says:
“Third, we continue our joint work to implement the decision taken at the G7 Summit in Puglia to launch Extraordinary Revenue Acceleration (ERA) Loans for Ukraine before the end of the year, in order to make available to Ukraine approximately $50 billion in additional financing. The loans will be repaid from future extraordinary revenue streams arising from the immobilization of Russian sovereign assets held in the European Union and other relevant jurisdictions.”
And fourthly, to Supporting Ukraine’s economic recovery and reconstructionthrough the Ukrainian Donors Platform, with the aim of organising private sector contributions, leveraging bilateral, EU and international financial institution funding, and promoting Ukraine’s reform agenda with a view to the country’s accession to the European Union.
Finally, they pledged to continue the meetings of the Ukrainian Donors Platform and the Annual Conference on Ukraine Recovery, The next edition of which will be held in Italy in 2025.
For its part, Ukraine has committed to implement its economic, judicial, anti-corruption, corporate governance, defence, public administration, public investment management and law enforcement reforms. These reforms are necessary and will be vital to enable long-term support for Ukraine’s reconstruction and recovery.
The joint declaration allows other countries to join it, and to this end, the governments of around thirty countries have signed it.
The event took place a day after Biden gave his final address to the United Nations General Assembly (UNGA), where he reaffirmed his commitment to Ukraine. In his message, he pressed other allies to defend the war-torn country.
Zelensky will travel to Washington on Thursday, where he will meet with Biden and Vice President Harris at the White House.
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