Context: Group of Seven nations have agreed on a loan syndicate based on the size of their economies to provide Ukraine with about $50 billion of fresh aid starting to flow by the end of the year.

Group of Seven (G7) Countries

• About: It is an intergovernmental organization. The bloc meets annually to discuss issues of common interest like global economic governance, international security and energy policy.
• Formation: 1975.
• G7 countries: UK, Canada, France, Germany, Italy, Japan and the US.

oIndia is not a part of G7.

• Membership: Apart from the 7 member countries, the European Union (EU) has also participated fully in the G7 since 1981 as a “non-enumerated” member.
• Presidency: It rotates annually among the member countries, with each country hosting the summit and setting the agenda for the year.
• Meetings: The G7 holds annual meetings. 
• Informal nature: The G7 does not have a formal charter or secretariat. Decisions are made through consensus, and there is no formal voting system or legal obligations.