G7 countries announce nearly $20 billion in financial assistance for Ukraine

May 20 (UPI) -- Nearly $20 billion in financial assistance is on the way for Ukraine amid the ongoing Russian invasion, the Group of Seven's financial leaders announced Friday.

Ukraine requested $50 billion in aid last month from G7 countries for help stabilizing its government and now-crippled export-dependent economy.

The $19.8-billion support package was announced after two days of meetings among G7 financial experts near Bonn, Germany.

"We will continue to stand by Ukraine throughout this war and beyond and are prepared to do more as needed," read a joint statement from G7 countries.

Ukraine's defense ministry called the approval of funding for the war-torn nation an "important day for (Ukrainian) victory" on Twitter.

G7 and financial institutions will supply the country with funding over the next three months.

In April, the International Monetary Fund projected an estimated need of $5 billion monthly to keep Ukraine's economy functioning, and a March Economist Intelligence Unit analysis showed a detrimental impact of the war on Ukraine's economy by 47% this year.

OnThursday, the United States voted to support a bill offering Ukraine assistance of $40 billion -- $7.5 billion of which will be contributed to the G7 aid package.