Ottawa, Ontario - Department of Finance Canada
Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the disbursement of $450 million in loans to Ukraine to support the purchase of necessary heating fuel before winter. With today's disbursement, Canada has now disbursed the complete $1.95 billion in loans it has committed so far this year to support Ukraine in the face of Russia's brutal invasion.
Today's disbursement through the International Monetary Fund's (IMF) Multi-Donor Administered Account for Ukraine fulfilled two separate commitments. The Deputy Prime Minister announced a $250 million loan to Ukraine, to be provided through the IMF Administered Account, during the G7 Finance Ministers and Central Bank Governors Meeting held from May 18-20, 2022. The Prime Minister announced an additional $200 million loan to Ukraine, also to be channeled through the IMF Administered Account, during the G7 Leaders' Summit from June 26-28, 2022. Together, these two commitments represent $450 million in new loans to support Ukraine.
Canada played a leading role in the establishment of the IMF Administered Account, which is assisting Ukraine in meeting its balance of payments and budgetary needs, and in stabilizing the country's economy despite Russia's ongoing invasion. Canada sees the Administered Account as the best option for distributing funds to Ukraine in a safe, effective, and efficient manner, with the ability to maximize support by pooling funding from international partners and allies.
