BARI, Italy. Group of Seven (G7) leaders are set to increase funding for Ukraine amidst its war with Russia and present a united stance against China’s political and economic ambitions at their annual summit in southern Italy on Thursday.
For the second year in a row, Ukrainian President Volodymyr Zelenskiy will attend the summit, participating in discussions on Thursday and signing a new long-term security accord with U.S. President Joe Biden. The G7 leaders are likely to announce an agreement in principle to issue $50 billion in loans for Ukraine, using interest from Russian sovereign assets frozen after its invasion of Ukraine to support the multi-year debt package.
“I think we will have the major tentpoles of this decided, but some of the specifics left to be worked through by experts on a defined timetable,” said White House National Security Advisor Jake Sullivan. “I think we are on the verge of a good outcome here,” he added. Officials acknowledge the complexity of the plan, with legal experts still working out the details that will require the backing of European nations, particularly Belgium, which is not a G7 member.
The June 13-15 summit in the southern Italian region of Puglia has a packed agenda that includes discussions on the Middle East, migration, and artificial intelligence. Most leaders are dealing with their own domestic issues, making this summit particularly challenging. Italian Prime Minister Giorgia Meloni, the host, is riding high after a triumph in Italy’s European election last weekend, but achieving meaningful results at the luxury Borgo Egnazia resort will be a tall order.
Biden’s goal at the G7 is to reinforce the idea that the United States is best served when closely aligned with its democratic allies and partners, Sullivan said, when asked about the prospects of this being the president’s last summit given his re-election battle in November. Underscoring U.S. determination to punish Moscow for its 2022 invasion of Ukraine, Washington on Wednesday dramatically broadened sanctions on Moscow, including targeting China-based companies selling semiconductors to Russia.
By announcing new restrictions on Chinese firms on the eve of the G7 meeting, Biden hopes to persuade Western allies to show greater resolve in confronting Beijing over its support for Russia and its industrial over-capacity. Speaking ahead of the start of the summit, Sullivan noted that China is a significant creditor to many heavily indebted countries. “The G7 communique is not singling out or focusing on a single country,” he said, but added that China needed to play a constructive role in dealing with the debt burden.
The G7 leaders’ meeting in Italy highlights critical global issues, with a focus on aiding Ukraine through innovative financial mechanisms and addressing broader geopolitical concerns, including the challenge posed by China’s economic strategies.
Si Venus L Peñaflor ay naging editor-in-chief ng Newsworld, isang lokal na pahayagan ng Laguna. Publisher din siya ng Daystar Gazette at Tutubi News Magazine. Siya ay isa ring pintor at doll face designer ng Ninay Dolls, ang unang Manikang Pilipino. Kasali siya sa DesignCrowd sa rank na #305 sa 640,000 graphic designers sa buong daigdig. Kasama din siya sa unang Local TV Broadcast sa Laguna na Beyond Manila. Aktibong kasapi siya ng San Pablo Jaycees Senate bilang isang JCI Senator.
