Kyiv, 18 August 2022 (TDI): Prime Minister of Ukraine, Denys Shmyhal thanked the Prime Minister of Canada, Justin Trudeau for providing 450 million Canadian dollars. The release of funds by the Canadian finance ministry is said to be for Ukrainian gas supplies.
One more gesture of solidarity from friendly Canada. Ukraine will receive 450 million Canadian dollars aid for fuel purchase before the heating season. Grateful to @JustinTrudeau, @cafreeland and all 🇨🇦 people for unwavering support of 🇺🇦 in the fight for freedom and democracy.
— Denys Shmyhal (@Denys_Shmyhal) August 17, 2022
The Ukrainian prime minister tweeted a message of thanks to the Prime Minister and Finance Minister of Canada.
The Finance Minister of Canada, Chrystia Freeland announced the provision of the following funds as the second disbursement for the 1.95 billion Canadian dollars for Ukraine.
The funds Canada gave to Ukraine aim to bring a balance to the Ukrainian economy. Therefore, these funds will tend to the budgetary needs including the buying of gas for heating purposes in Ukraine during its ongoing conflict with Russia.
International Monetary Fund (IMF) confirmed that the Canadian fund released by its finance ministry will be allocated through its administered account to Ukraine.
Canada has made a second loan contribution of CAD 450m to Ukraine through the IMF Administered Account. 🇨🇦’s generosity—following an earlier CAD 1bn contribution—will help 🇺🇦 meet its balance of payment and budgetary needs. https://t.co/7A0mbWz5LI
— IMF (@IMFNews) August 17, 2022
Besides 1.95 billion Canadian dollars in loan, the Canadian government also approved 3.5 billion Canadian dollars in assistance to Ukraine.
Canadian Finance Minister, Freeland stated that “It is Canada’s strong conviction that Ukraine must win this war to defend its sovereignty, democracy, and the rules-based international order”.
Canada’s initiative at the G7 Meeting
In the May 2022’s meeting of G7 Finance Ministers and Central Bank Governors, Canada announced that it will provide additional funds to Ukraine. Therefore, Canada added a further 250 million Canadian dollars to already committed 1.87 million Canadian dollars.
Canada’s initiative for funding Ukraine also led to the formation of the “Multi-donor Administered account for Ukraine” by IMF. Canada and other G7 allies committed their financial support for Ukraine against the ongoing conflict with Russia through this meeting.
After these decisions, the Ukrainian government ordered the establishment of further fuel reservoirs.
