Biden Rushing To Complete Ukrainian $50 Billion Loan Package Ahead Of G7 Summit

Western officials are rushing to finish an agreement that would grant Ukraine $50 billion in loans ahead of the upcoming G7 summit.

President Joe Biden’s administration has led the initiative to provide loans to Ukraine to improve its war effort.

Biden will meet with G7 leaders in Italy this week. The countries represented by this summit include the United Kingdom, Canada, France, Germany, Italy and Japan. Ukrainian President Volodymyr Zelensky will also be in attendance. These seven nations have not reached a final consensus, although they aim to in the coming days so the agreement can be announced this week.

In the following days, the leaders will iron out details, including the disbursement of loans and repayment assurance to aid with the dire situation in Ukraine.

This trip follows Biden’s recent trip to France, where he announced a $225 million package to assist Ukraine. The president also met with Zelensky and apologized for delays in assistance and reaffirmed his commitment to Ukraine.

“I apologize for the weeks of not knowing what’s going to pass, in terms of funding, because we had trouble getting the bill that we had to pass that had the money from some of our very conservative members who were holding it up, but we got it done,” Biden said.

Biden’s national security adviser, Jake Sullivan, discussed the importance of helping Ukraine with reporters last week ahead of the G7 summit.

“This is a priority for the United States. We believe it’s a priority for the entire G7,” Sullivan said. “We want to see every country come on board with a method by which we can mobilize resources for Ukraine at scale so that they are able to have what they need to be able to succeed in this war.”