The Ministry of Finance discussed with the representatives of Canada the allocation of USD 50 billion to Ukraine at the expense of profits from russian assets
Kyiv • UNN
The Finance Ministers of Ukraine and Canada discussed support for Ukraine's financial stability. Canada supports the allocation of $50 billion to Ukraine, which will be serviced and repaid from future earnings on frozen russian sovereign assets.
Minister of Finance of Ukraine Sergii Marchenko and Minister of International Development of Canada Ahmed Hussen discussed cooperation between the two countries in implementing initiatives to support financial stability and in the process of implementing reforms. UNN reports with reference to the Ministry of Finance of Ukraine.
Details
The Canadian delegation expressed its support for sending Ukraine $50 billion to be serviced and repaid from future profits from frozen russian sovereign assets. The parties agreed that Russia should be held accountable for the crimes committed and the damage caused to Ukraine. Financing of priority needs, including the military, at the expense of russian assets is one such mechanism.
Canada is the third G7 member country in terms of funding, with about $5.1 billion in total. We are grateful to the Canadian government for its multilateral and crucial support since the first days of the russian invasion. Canada continues to maintain its clear position on financial, military, humanitarian assistance, sanctions against the aggressor country, as well as on the G7 political decision to use the immobilized sovereign assets of the russian federation in favor of Ukraine
The Minister of Finance emphasized the importance of maintaining external support next year. At the same time, the Government is working on mechanisms to increase domestic budget revenues.
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The parties also discussed one of the most effective tools for mobilizing the state's internal resources, the issue of military bonds (OVDPs). Since February 2022, Ukrainians, including commercial banks, legal entities and individuals, have purchased bonds totaling about USD 31 billion (as of August 19, 2024). Convenient mechanisms for purchasing bonds, market yields, and a 100% guarantee of repayment from the state make government bonds the most attractive instrument on the market.
Canada pledges over $52 million in aid to UkraineJun 16 2024, 08:06 PM • 98231 view
Recall
In 2022, Ukraine received about USD 1.9 billion from Canada. In 2023, Ukraine received more than USD 1.75 billion in concessional funds, and this year the state budget has attracted another USD 1.47 billion.
