Today, Canada disbursed the $500 million loan through the International Monetary Fund’s (IMF) multi-donor Administered Account for Ukraine.

“As the brave people of Ukraine continue their heroic resistance to Putin’s illegal and barbaric invasion, democracies need to continue standing with Ukraine as it defends its sovereignty and democracy. And that means ensuring the Ukrainian government has the resources it needs to keep providing essential services to Ukrainians this winter. I hope the success of our Ukraine Sovereignty Bond—the world’s first bond dedicated to Ukraine—will inspire other countries to follow suit.”

- The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

• Including the Ukraine Sovereignty Bond proceeds, Canada has now disbursed $2.45 billion in loans to Ukraine in 2022:

  • $1.95 billion through the IMF Administered Account for Ukraine:
    • $500 million disbursed today;
    • $450 million disbursed on August 17, 2022; and,
    • $1 billion disbursed on June 9, 2022.
  • $500 million in bilateral sovereign loans:
    • $300 million disbursed on April 20, 2022; and,
    • $200 million disbursed on May 6, 2022.

• On December 13, 2022, the Government of Canada announced that it will transfer $115 million in tariff revenues collected on imports from Russia and Belarus to repair Kyiv’s power grid following repeated Russian attacks against Ukraine’s energy infrastructure.

• Canada has separately committed more than $2.5 billion in military, humanitarian, and other assistance to Ukraine this year. This brings Canada's total commitments to Ukraine to more than $5 billion.

• The loan issued today respects the spirit of the current debt service suspension agreement agreed by the Group of Creditors of Ukraine.

• Canada played a leading role in the creation of the IMF’s Administered Account for Ukraine, which allows donor countries to provide grants or loans to assist Ukraine in meeting its balance of payments and budgetary needs, and stabilizing the Ukrainian economy.

• Consistent with the terms of Canada’s financial assistance to Ukraine to date, the funds provided to Ukraine cannot be used for lethal activities or purchases, and must be consistent with relevant sanctions laws and regulations.

• Canada is providing additional support to Ukraine through its shareholdings in international financial institutions, including the IMF, the World Bank, and the European Bank for Reconstruction and Development. Since the onset of Russia’s illegal invasion, these three institutions have together committed more than $28.5 billion to support the people of Ukraine.

Associated links

• Canada’s engagement in Ukraine
• Ukraine Sovereignty Bond
• Canada completes issuance of $500 million Ukraine Sovereignty Bond
• Canada provides Ukraine $115 million from Russian and Belarusian tariff revenues to repair Kyiv’s power grid

Media may contact:

Adrienne Vaupshas
Press Secretary
Office of the Deputy Prime Minister and Minister of Finance
Adrienne.Vaupshas@fin.gc.ca

Media Relations
Department of Finance Canada
mediare@fin.gc.ca
613-369-4000

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