Canada Loans $348Mln To Ukraine To Purchase Winter Heating Fuel - Finance Ministry

Canada Loans $348Mln to Ukraine to Purchase Winter Heating Fuel - Finance Ministry

The Canadian government has disbursed a C$450 million (US$348 million) loan to Ukraine as the country requires funding to purchase heating fuel before winter, Canada's Ministry of Finance said in a statement on Wednesday

WASHINGTON (UrduPoint News / Sputnik - 17th August, 2022) The Canadian government has disbursed a C$450 million (US$348 million) loan to Ukraine as the country requires funding to purchase heating fuel before winter, Canada's Ministry of Finance said in a statement on Wednesday.

"Today, the Honorable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the disbursement of $450 million in loans to Ukraine to support the purchase of necessary heating fuel before winter," the statement said.

This loan completes the $1.51 billion Canada had planned for Ukraine in its 2022 Federal budget, the statement said.

Kiev will receive the through the International Monetary Fund (IMF) multi-donor administered account for the Ukraine, the statement said, adding that Ottawa has now fulfilled the commitments it made during the Group of Seven (G7) finance ministers and prime ministers meetings in May and June.

During the G7 finance ministers meeting on May 18-20, Canada's Finance Minister Chrystia Freeland pledged $193 million in loans to Ukraine to be disbursed through the IMF.

During the G7 prime minister meeting on June 26-28, Canada's Prime Minister Justin Trudeau announced loan for Ukraine in the amount of $155 million that would also be disbursed through the IMF, thus fulfilling the country's promise to provide $348 million.

At the end of July, the Trudeau government said that, along with other Western leaders, it intends to suspend Ukraine's debt until the end of 2023.

Canada has committed $2.6 billion in form of financial and military assistance to the Ukrainian government.