The owners of a North York condominium say they are facing a $70,000 special assessment to fix their building's parking garage. '$70,000 is a lot of money. It makes me very nervous and stressed out of nowhere for this huge debt to come in,' said Ligeng Guo.
G7 countries to provide US$19.8 billion in aid to Ukraine
The Group of Seven leading economies agreed Friday to provide US$19.8 billion in economic aid to Ukraine to help keep tight finances from hindering its ability to defend itself from Russia's invasion.
German Finance Minister Christian Lindner told reporters that US$9.5 billion of the total amount was mobilized at meetings of the G-7 finance ministers in Koenigswinter, Germany, this week.
“We agreed that Ukraine's financial situation must have no influence on Ukraine's ability to defend itself successfully,” he said. “We need to do our utmost to end this war.”
The money is intended to help the Ukrainian government keep basic services for its people functioning, and is separate from efforts to provide the country with weapons and humanitarian aid.
The needs are vast.
Kristalina Georgieva, the International Monetary Fund's managing director, last month said Ukraine's financial ministry had estimated the country will need $5 billion in international assistance per month to help cover essential government services and keep the country's economy going.
Russia's invasion touched on almost every topic of the finance ministers' meetings this week, from the need to reduce reliance on Russian energy to reforming relationships between countries to maintain economic stability.
“Russia's war of aggression is causing global economic disruptions, impacting the security of global energy supply, food production and exports of food and agricultural commodities, as well as the functioning of global supply chains in general,”
U.S. Treasury Secretary Janet Yellen and other leaders spoke this week about the need for allies to put together enough additional aid to help Ukraine “get through” the Russian invasion.
“All of us pledged to do what's necessary to fill the gap,” Yellen said Thursday. “We're going to put together the resources that they need.”
The International Monetary Fund's latest world economic outlook says Ukraine's economy is projected to shrink by 35% this year and next.
The finance ministers of the G-7 - which includes Canada, France, Germany, Italy, Japan, the United Kingdom and the U.S. - also have grappled with deepening inflation, food security concerns and other economic issues during their talks.
A communique marking the end of their meetings addressed commitments to addressing debt distress in low-income countries, trying to ease the fallout from the coronavirus pandemic and staving off inflation rates “that have reached levels not seen for decades.”
As the finance ministers were meeting in Germany, the U.S. overwhelmingly approved its own $40 billion infusion of military and economic aid for Ukraine and its allies. A portion of that U.S. funding is included in the G-7 package for Ukraine.
The United Kingdom committed $50 million toward Ukraine from the London-based European Bank of Reconstruction and Development, Treasury chief Rishi Sunak said.
“This comes on top of the $950m in loan guarantees that the UK has already committed to significantly scale up World Bank lending to the Government of Ukraine to help meet urgent fiscal need,” according to a news release from Sunak's office.
This week was a rally for funds to Ukraine and those affected by the war.
Treasury and several global development banks announced Wednesday that they would spend tens of billions to work “swiftly to bring to bear their financing, policy engagement, technical assistance” to prevent starvation prompted by the war, rising food costs and climate damage to crops.
That money will be spent on supporting farmers, addressing the fertilizer supply crisis, and developing land for food production, among other issues.
Other issues of concern for G-7 finance leaders touched on the need for countries to increase scrutiny and regulation of cryptocurrency and other digital assets and streamlining pandemic responses.
------
Moulson reported from Berlin
____
Get in touch
Do you have any questions about the attack on Ukraine? Email dotcom@bellmedia.ca.
- Please include your name, location, and contact information if you are willing to speak to a journalist with ۴ý.
- Your comments may be used in a CTVNews.ca story.
CTVNews.ca Top Stories
Police released the identities of the mother and daughter who were killed after a fire tore through a 160-year-old building in Old Montreal on Friday.
Tropical Storm Milton forms in Gulf of Mexico, could intensify as a hurricane threatening Florida
Tropical Storm Milton has formed in the Gulf of Mexico. It is located 220 miles (355 kilometres) north-northeast of Veracruz, Mexico.
Trump rallies at same Pennsylvania grounds where gunman tried to assassinate him
Donald Trump picked up where he left off back in July when a gunman tried to assassinate him but only struck his ear before he raised his fist and shouted “Fight!” and was whisked away with blood across his face.
The sentencing of the man who pleaded guilty in the deadly hit-and-run in Kitsilano two years ago began on Friday.
Frequent drinking of fizzy beverages and fruit juice are linked to an increased risk of stroke: research
New data raises questions about the drinks people consume and the potential risks associated with them, according to researchers at Galway University in Ireland, in partnership with Hamilton’s McMaster University.
A 30-year-old northwestern Ontario woman has been charged with arson following a structure fire Thursday night, police say.
Argentine star Lionel Messi was on the bench to start Inter Miami CF's game in Toronto on Saturday.
Travelling on a budget can be stressful, but there are ways you can ensure you're getting the best deal on flights as the holiday season approaches.
Local Spotlight
Chantal Kreviazuk is set to return to Winnipeg to mark a major milestone in her illustrious musical career.
From the beaches of Cannes to the bustling streets of New York City, a new film by a trio of Manitoba directors has toured the international film festival circuit to much pomp and circumstance.
A husband and wife have been on the road trip of a lifetime and have decided to stop in Saskatchewan for the winter.
The grave of a previously unknown Canadian soldier has been identified as a man from Hayfield, Man. who fought in the First World War.
A group of classic car enthusiasts donated hundreds of blankets to nursing homes in Nova Scotia.
Moving into the second week of October, the eastern half of Canada can expect some brisker fall air to break down from the north
What does New Westminster's təməsew̓txʷ Aquatic and Community Centre have in common with a historic 68,000-seat stadium in Beijing, an NFL stadium and the aquatics venue for the Paris Olympics? They've all been named among the world's most beautiful sports venues for 2024.
The last living member of the legendary Vancouver Asahi baseball team, Kaye Kaminishi, died on Saturday, Sept. 28, surrounded by family. He was 102 years old.
New data from Greater Vancouver and the Fraser Valley shows a surge in supply and drop in demand in the region's historically hot real estate market.