G7 2024: Leaders Approve $50 Billion Aid Package For Ukraine; Modi, Pope Francis Arrive For Day 2 Of Summit

Day 1 of the summit kicked off with a focus on the Ukraine war and the G7 Countries approving an aid package worth $50 billion for the war-torn country. For Day 2, PM Modi and The Pope will be addressing the group of seven leaders.

Leaders Approve $50 Billion Aid Package For Ukraine On Day 1 Of Summit; Modi Arrives In Italy Photo: AP

The G7 Summit 2024 is underway in Italy and will conclude on June 15. On the first day of the 50th annual meet, Italian Prime Minister Giorgia Meloni, who currently holds the presidency, welcomed her fellow G7 Leaders - US President Joe Biden, Canadian PM Justin Trudeau, Japanese PM Fumio Kishida, UK PM Rishi Sunak, German Chancellor Olaf Scholz, French President Emmanuel Macron and the European Union President Ursula von der Leyen.

Day 1 of the summit kicked off with a focus on the Ukraine war and the G7 Countries approving an aid package worth $50 billion for the war-torn country.

The group of seven agreed upon using frozen Russian assets and turn them into a loan for Ukraine. This $50 billion package will help Kyiv buy more weapons and rebuild damaged infrastructure.

“I confirm to you that we have reached political agreement to provide additional financial support to Ukraine of approximately $50bn by the end of the year,” stated Italian PM Meloni.

The loan package would be repaid using the interests and profits from $300 billion Russian assets held by the West, majority of which are in European banks.

Ukrainian President Zelenskyy thanked the G7 for its support and stated that this loan would go towards defence and reconstruction of Ukraine. This loan for Ukraine comes ahead of the peace summit in Switzerland on June 16.

Russia, on the other hand, has warned the G7 of retaliation if it goes ahead and uses its frozen state assets to help Ukraine.

"There is enough European property and money in Russia … and inevitable retaliatory measures will be extremely painful for Brussels,” stated Maria Zakharova, the spokesperson for the Foreign Ministry, adding that the loan package "will not lead the West to anything good".

This loan for Ukraine is expected to be delivered by the end of this year, and will most likely be issued before Biden's face off with Donald Trump for president begins in November.

Day 2 Of G7 Summit To Witness PM Modi And The Pope

Newly elected Prime Minister Narendra Modi has landed in Italy for the G7 Summit 2024. During his visit to southern Italy, the Indian leader will participate in the Outreach Summit on June 14.

During his time in Italy, PM Modi will also hold bilateral meetings with Italian PM Giorgia Meloni and other leaders of the G7 countries. PM Modi is expected to meet Canadian PM Justin Trudeau during the Italian summit and discuss the separatist issue with him.

Furthermore, Pope Francis has also arrived and will take part in a discussion on the ethical implications of artificial intelligence. As per PM Meloni, the pope’s presence would “make a decisive contribution to defining a regulatory, ethical and cultural framework” for AI

The pope's attendance at the G7 Summit marks the breaking of a long tradition of the Catholic Church to not attend political meetings with state leaders.