G7 commits to $32 bn in budget support for Ukraine in 2023

The Group of Seven (G7) wealthy nations has mobilised up to $32 billion in budget and economic support for Ukraine next year, their finance ministers said in a joint statement on Thursday, adding that they are prepared to give more if needed, Reuters reports.

"We remain strongly committed to addressing Ukraine's urgent short-term financing needs," the ministers said, while encouraging other donors to up their contributions to the war-torn country.

The G7's pledge of $32 billion includes $19 billion from the European Union, the statement said.

The full amount has now been disbursed or is in the process of being disbursed to Ukraine, according to the statement from the ministers from the United States, Canada, Japan, Germany, France, Italy and Britain.

Supporting Ukraine following Russia's invasion remains a priority of the G7, German Finance Minister Christian Lindner said. Germany, which has held the G7 presidency this year, is handing over the reins to Japan for 2023.