The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, issued the following statement:
“I commend the International Monetary Fund for the launch of a new Extended Fund Facility financing program for Ukraine, and I want to thank the Managing Director for her leadership in making it possible. This is an important step in united international efforts to provide critical financial support to Ukraine in the face of Russia’s illegal and barbaric invasion.
“Canada was a strong and early advocate of this program, and I am grateful to our international partners who joined us in supporting its launch.
“The Extended Fund Facility will provide Ukraine with US$15.6 billion over four years, which will help to sustain Ukraine’s economic and financial stability, and support its economic recovery, long-term growth, and reconstruction efforts. The Extended Fund Facility will also support Ukraine as it makes continued progress on the reforms required to attain accession to the European Union.
“Canada will continue to stand with Ukraine as it heroically defends its sovereignty and democracy.”
- Budget 2023 announced additional financial support for Ukraine, including a new $2.4 billion loan, which is to be provided through the IMF Administered Account for Ukraine. This loan brings Canada’s total economic, military, humanitarian, and other support to more than $8 billion since February 2022.
- Canada has provided the highest per-capita financial support to Ukraine in the G7.
- In 2022, Canada provided $2.5 billion in direct financial support to Ukraine including:
- $1.95 billion in loan resources through the IMF Administered Account for Ukraine, $500 million of which represented equivalent proceeds from the world-first Ukraine Sovereignty Bond;
- $500 million in direct bilateral loans; and,
- A €36.5 million (approximately $50 million) European Bank for Reconstruction and Development loan guarantee to facilitate support to Ukraine’s Naftogaz.