Remarks by the Deputy Prime Minister and Minister of Finance at the Rebuilding Ukraine Business Conference

November 23, 2022

Thank you very much.

First, I want to acknowledge that the land we are gathered on is part of the Treaty Lands and Territory of the Mississaugas of the Credit First Nation.

I am very happy to be here today. I am so grateful to my old friend, Zenon Potoczny, for making this happen.

Goldy [Hyder], thank you for your very personal and eloquent remarks, and thank you for the support.

It is great also to have a trio—and that is an important number in Ukrainian culture—of strong Ukrainian and Ukrainian-Canadian women with us today.

We have already heard about how great Yulia Kovaliv is. By the way, she is also a former Finance official, so the women of Finance are here today.

We have Canada’s amazing Ambassador to Ukraine, Larisa Galadza, and Ukraine’s Deputy Minister of Economy, Tetyana Berezhna. Ukrainian culture is a culture of strong women and anyone who knows these three women will understand that.

I’m glad to see my friend, Yvan Baker, here today, and also my friend, Erin O’Toole.

I would like to thank everyone who has taken the time to be here today to talk about how we can support Ukraine in its brave and hard fight to win this war, and in the absolutely essential work of rebuilding Ukraine after Ukraine’s victory.

I do want to thank Prime Minister Denys Shmyhal. It’s a real honour to have him here with us and to be able to introduce him.

Before we hear from Denys, I want to speak briefly about the contributions that Canada and Canadians—all the people here—have made to Ukraine in its courageous fight, and talk about why it’s so important for us to continue to do everything we can to help Ukraine win.

Ukrainians are not going to give up. I think that is very clear. We need to be sure that Ukraine’s allies, very much including Canada, are equally steadfast and resolute.

It has been nine months since Russian tanks rolled across the Ukrainian border.

For nine months, the people of Ukraine have, with incredible heroism—with incredible tenacity and, frankly, with incredible intelligence—fought to defend their freedom.

I know that every one of us here has been inspired by their bravery.

They are fighting for their freedom and their sovereignty. They are also fighting our fight—the fight for democracy.

Putin is trying to conquer Ukraine. He wants to show that Russian tyranny can defeat Ukrainian democracy. He is also trying to show that tyranny writ large can defeat democracy itself.

We cannot allow that to happen.

Our security is in jeopardy as well, which is why, so far this year, Canada has committed more than $5 billion in financial, military, and humanitarian aid to Ukraine.

That includes $2 billion in direct financial support for the Ukrainian government. This is money that has already been disbursed, and is helping the government continue to operate as Ukraine fends off Putin’s barbaric invasion.

Nearly $1.5 billion of that support has been disbursed through the IMF Administered Account that Canada played a leading role in creating—and which is being used by our allies around the world to provide critical support to Ukraine so that Prime Minister Shmyhal and Finance Minister Sergii Marchenko can pay the pensions that people need, and so they can keep their energy infrastructure going.

I am thrilled to say that on Monday, just two days ago, we launched a five-year $500 million Ukraine Sovereignty Bond. This is an innovation. It is a Government of Canada bond backed by Canada’s AAA credit rating.

Today, every person here can go out and purchase a Ukraine Sovereignty Bond in $100 denominations through your financial institution. Every dollar will be transferred to the Government of Ukraine.

These bonds will pay interest twice a year, and will mature on August 24, 2027—Ukrainian Independence Day.

We expect these bonds to sell out quickly—and the issuance closes on November 29, 2022.

I know a number of people in this room have been looking for ways to directly support Ukraine.

This is a great way to do just that. This Ukraine Sovereignty Bond will help the Government of Ukraine continue to provide essential services to Ukrainians this winter such as pensions, buying fuel, restoring energy infrastructure.

It's important for us, for Canada, to make this bond issuance a success. If we do a great job, I think we can encourage other countries to follow suit.

Before I conclude, let me say this:

History will be as kind to the people of Ukraine as it will be harsh to Vladimir Putin.

I also know that history will look kindly on Ukraine’s leaders: President Zelenskyy, Prime Minister Shmyhal, and their incredible teams. They could have fled in February. With Russia hunting them, it would have been safer to do so.

But I think we all remember the choice they made. We remember “I need ammunition, not a ride.” We remember that they stayed.

They have shown remarkable resolve in the face of a truly historic challenge. Their resolve has helped strengthen the will of the remarkable people of Ukraine and the commitment of people around the world to support Ukraine.

Prime Minister Shmyhal was one of the people who stayed in that famous video, on that terrifying night, when President Zelenskyy said, “I’m here” and he pointed to his core team and said who was there.

Prime Minister Shmyhal and I speak to each other often— sometimes every day in tense periods.

Every time I speak to him, I am reminded that, while I am talking to him from my comfortable office in Ottawa or, as I often do, from my kitchen table in Toronto, he is helping to lead a country at war.

I am grateful that Prime Minister Shmyhal has taken the time to speak to us today.

I have told Prime Minister Shmyhal that Canada and Canadians will be there for as long as it takes.

This conference is proof of our country’s commitment. Each one of you who is here is proof of our country’s commitment.

Now let me turn it over to my friend, Ukraine’s Prime Minister, Denys Shmyhal.