Canadian government will provide Ukriane with an additional loan of $300 million (400 million Canadian dollars), that will be allocated through the IMF’s Administrative Account, reported Ukrainian Ministry of Finance on October 11.
The financing from this agreement will be directed towards covering Ukraine’s state budget’s priority expenditures.
“Canada has been a leading supporter and strategic partner of Ukraine, providing substantial aid since the first days of the full-scale invasion. Direct budgetary support since February 2022 has exceeded $5 billion. I am grateful to the Government and citizens of Canada for their solidarity with Ukraine and their crucial contribution to the stability of our financial system,” said Marchenko.
The additional loan is for a 10-year term, with an interest rate of 1.5% per annum and a grace period of 4.5 years from the date the funds are received.
The funds are expected to be transferred to the general fund of Ukraine’s state budget shortly.
Earlier, EU pledged €35 billion loan to Ukraine by year-end. However, Hungary announced it will block it until after the US presidential elections scheduled for November 5, 2024.
