Ottawa, Ontario
17 September 2014
Canada is committed to helping Ukraine stabilize its economy, and to promoting economic and social development in the country at this difficult time.
On March 13, 2014, Prime Minister Stephen Harper announced $220.9 million toward meeting these objectives, which included $200 million in the form of a low-interest loan to stabilize Ukraine’s economy and support programming consistent with Canadian development priorities. The loan was conditional on the establishment of a broader package of international support for Ukraine, including the International Monetary Fund’s US$17.1 billion loan, which backs Ukraine’s policy program that aims to restore macroeconomic stability, promote sustainable growth, and strengthen economic governance and transparency.
On September 17, 2014, Prime Minister Harper and Ukrainian President Petro Poroshenko announced the signing of the provision of Canada’s loan to Ukraine, which will be delivered by Export Development Canada as the agent for the Government of Canada.
In the coming days, the funds will be provided in one disbursement to Ukraine once the formal request is received by the Ukrainian authorities. Ukraine will service and repay the loan over a five-year period. The terms of the loan also include a provision enabling Canada to perform an audit of funds used during the course of the agreement, as well as an obligation for Ukraine to provide regular reports detailing the funds’ use.
