Canada Grants Ukraine a $1.5 Billion Loan

Written by Camilla Jessen

Mar.21 - 2024 8:14 AM CET

Photo: Wikimedia Commons
Photo: Wikimedia Commons
Ukraine has received a generous loan of 2 billion Canadian dollars from Canada to assist in funding government social programs.

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Ukraine's Prime Minister Denys Shmyhal announced on X (formerly Twitter) that the country has received financial aid which will significantly aid the government in disbursing social benefits.

Since the beginning of Russia's full-scale invasion, Canada's total support to Ukraine has almost reached 7 billion Canadian dollars, Shmyhal noted.

Finance Minister Serhiy Marchenko added that Ukraine received 1.5 billion US dollars from Canada this Wednesday, totaling Canadian budget support to 5.1 billion US dollars since February 2022.

Furthermore, the European Commission has delivered the first tranche of 4.5 billion euros to Ukraine as part of a large, four-year macro-financial assistance package.

During a recent visit to Brussels, Prime Minister Shmyhal submitted a reform plan to the European Commission, under which Ukraine will receive funding through the Ukraine Facility program, amounting to 50 billion euros.

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