29 Mar 2023 10:32

Canada to lend Kiev $1.8 bln through IMF in financial 2023-2024

WASHINGTON. March 29 (Interfax) - Canada plans to lend Ukraine the equivalent of $1.8 billion through the International Monetary Fund (IMF) in the 2023-2024 financial year that begins on April 1, TV channel CBC reported, citing the country's budget plan.

"Canada will extend a [CAD]2.4 billion loan to Ukraine this year to help prop up the [...] country's finances. The measure is contained in the latest federal budget, tabled in Parliament on Tuesday by Finance Minister Chrystia Freeland," the CBC said.

The new loan will be channelled through the IMF and is intended to help Ukraine cover its budget shortfall and pay for social services, including health services, the report said.

Separately, Canada's federal budget also allocates CAD84 million, or the equivalent of about $62 million, in additional direct humanitarian aid for Ukraine in the coming fiscal year.

In turn, Ukrainian Prime Minister Denis Shmygal has thanked the Canadian leadership for its decision to provide 2.4 billion Canadian dollars in financial assistance to Ukraine.

"We are grateful for the additional support of 2.4 billion CAD announced by [Canadian Prime Minister] Justin Trudeau and [Finance Minister] Chrystia Freeland. Canada's financial contribution will help us maintain economic stability and support Ukrainians," Ukrainian media outlets quoted Shmygal as saying in a social media post early on Wednesday morning.