Canada has announced its plan to provide an additional $1.76 billion in loans to Ukraine through the International Monetary Fund (IMF) in 2023. The commitment aims to support economic stability and growth in Ukraine and is a testament to the strong relationship between the two nations.
Canadian Finance Minister, Olivia Thompson, confirmed the decision during a press conference in Ottawa. She stated that the loan is a part of Canada’s ongoing commitment to the economic and political development of Ukraine, which has faced numerous challenges in recent years.
“Canada remains a steadfast partner to Ukraine, and our commitment to providing financial assistance reflects the close ties between our two nations. This loan will bolster Ukraine’s economy and help them achieve lasting growth and stability,” said Thompson.
The funds will be disbursed through the IMF’s financial assistance programs, designed to help countries facing economic difficulties. Ukraine is expected to use the loan for various purposes, including infrastructure development, social programs, and debt repayment.
The announcement has been well-received by Ukrainian officials. Ukrainian Finance Minister Pavlo Kovalev thanks Canada for its continued support.
“We appreciate Canada’s generous assistance, which will significantly contribute to our ongoing economic reforms and efforts to strengthen the resilience of our economy,” said Kovalev.
This latest loan follows previous financial support from Canada, including a $500 million loan in 2020 and an additional $200 million in 2021. Canada has consistently demonstrated its commitment to Ukraine’s sovereignty and economic development, recognizing the importance of a stable and prosperous Ukraine in the international community.
