The Ukrainian government has received a 1 billion Canadian dollar (USD 773 million) loan from Canada on concessional terms. For the first time, Ukraine received funds through the mechanism of the administrative account of the International Monetary Fund.
Source: Ukrainian Finance Minister Serhiy Marchenko
The Ukrainian administration stated that the loan has a ten-year term and is issued at an interest rate of 1.69% per annum.
“I am grateful to the Government of Canada and personally to the Deputy Prime Minister, Minister of Finance of Canada Christy Freeland for Ukraine’s unwavering support in the fight for our freedom. The decision once again demonstrates Canada’s continued leadership in helping the Ukrainian people and crucial timeliness to support Ukraine,” said Ukrainian Finance Minister Serhiy Marchenko.
The funds will be directed to the state budget in order to pay priority expenditures, including social and humanitarian needs.
In April 2022, the International Monetary Fund decided to create an administrative account for crediting funds in the form of a share of the Special Drawing Rights (SDR) from donor countries in favour of Ukraine.
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