Canada Provides Additional Financial Support to Ukraine
May 20, 2022 - Bonn, Germany - Department of Finance Canada
Today, at the G7 Finance Ministers and Central Bank Governors Meeting in Germany, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, announced an additional loan of $250 million to Ukraine through the International Monetary Fund’s (IMF) Administered Account for Ukraine.
Together with previous financial support, this loan brings Canada’s financial commitment to Ukraine to $1.87 billion this year. This funding is separate from and in addition to significant assistance committed through military aid, humanitarian response efforts, and immigration measures.
Canada played a leading role in the creation of the IMF’s Multi-donor Administered Account for Ukraine, which assists Ukraine in meeting its balance of payments and budgetary needs, and in stabilizing the Ukrainian economy.
Canada, together with its G7 allies, will continue to support Ukraine as it fights to defend its sovereignty and democracy.
“Canada and our G7 allies are united in our resolve to defend the rules-based international order, and to support the brave people of Ukraine. We will continue working to hold Putin and his henchmen accountable for their illegal war, and to ensure that Ukraine has the resources it needs to win. This new loan is an important contribution to that critical effort.”
-The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
Canada has committed $1.87 billion in financial assistance to support the Ukrainian government and the Ukrainian economy this year. This funding is separate from and in addition to significant assistance committed through military aid, humanitarian response efforts, and immigration measures.
- Canada previously pledged a loan of up to $1 billion for the IMF’s Administered Account for Ukraine in Budget 2022, in addition to $620 million in bilateral loans committed earlier this year.
- Since February 2022, Canada has committed more than $620 million in military aid for Ukraine.
Canada has sanctioned more than 1,000 individuals and entities in response to Russia’s further invasion, and is working with its international partners through the Russian Elites, Proxies, and Oligarchs (REPO) Taskforce to target the ill-gotten gains of Russia’s elites around the world.
- If passed, Bill C-19, the Budget Implementation Act, will allow the government to cause the forfeiture and disposal of assets held by sanctioned individuals and entities. Canada would become the first member of the G7 to take this step.
On February 28, 2022, Canada announced the sanctioning of the Russian Central Bank, and the blocking of select Russian banks from the SWIFT messaging system, which is a cornerstone of the global interbank payments system.
On March 3, 2022, Canada announced the revocation of Russia and Belarus’ Most-Favoured Nation Tariff treatment, which immediately applied the General Tariff rate of 35 per cent on virtually all imports from the two countries. Russia and Belarus joined North Korea as the only countries whose imports are subjected to the General Tariff.
- G7 Finance Ministers and Central Bank Governors’ Petersberg Communiqué
- Deputy Prime Minister to attend G7 Finance Ministers Meeting in Germany
- G7 Leaders Statement
- Canada’s engagement in Ukraine
- Canadian Sanctions Related to Russia
- Canadian Sanctions Related to Ukraine
- Canada and the North Atlantic Treaty Organization
Media may contact:
Office of the Deputy Prime Minister and Minister of Finance
Department of Finance Canada
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