(Bloomberg). — The Group of Seven Finance Ministers will meet in Bonn to discuss an aid package that would support Ukraine’s immediate financial needs, according to officials.

Although final numbers have yet to be decided by the G-7, they will likely accept a preliminary contribution in the amount of 5 billion Euros ($5.3 Billion) for the first month. Two sources familiar with the matter declined to identify themselves because discussions are ongoing. One official said that they are considering a three-month deal.

Kyiv’s government has calculated that the indirect effects of war could have a total cost of $560 billion. The International Monetary Fund, which approved a $1.4 billion emergency loan for the country in April, expects Ukraine’s economy to contract 35% in 2022 because of the conflict.

A joint package by the G-7 would transform the group’s messages of solidarity for Ukraine into hard financial fact. Until now, finance ministers have held discussions twice since the war broke out, including a brief gathering in Washington on April 20 when they “expressed our unwavering support” for the country’s people and government. 

This week’s meeting at Bonn will be their longest and most detailed. However, such an event would usually indicate that a longer document was being prepared on the current state of the world according to the G-7. 

“Eventually, Ukraine will need massive support and private investment for reconstruction and recovery, akin to the task of rebuilding in Europe after 1945,” US Treasury Secretary Janet Yellen said in a speech in Brussels Tuesday. “What’s clear is that the bilateral and multilateral support announced so far will not be sufficient to address Ukraine’s needs, even in the short term.”

Chiming with that, the US Senate on Monday overwhelmingly voted to move toward passage of $40 billion in military and humanitarian aid to Ukraine, underscoring the broad bipartisan support for the country as it defends itself against Russia’s invasion. 

Meanwhile the European Union plans on Wednesday to present a set of proposals to help the country, expected to feature loans from the bloc’s budget, guaranteed by member states, to pay Ukrainian salaries and benefits, according to an official familiar with the matter.

Officials from the government say that Germany, which is hosting the G-7 meeting in Germany, is open for discussion on a range of options to aid Ukraine’s rebuilding efforts after Russia ceases its war.

During a cabinet meeting last week, Chancellor Olaf Scholz’s ruling coalition agreed Berlin would play a constructive role in debates about how to channel billions of euros to Ukraine, one of the officials said. Another option is to send direct national payments.

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