The Cabinet of Ministers asks Canada to increase the amount of the loan for social payments to Ukrainians

The Cabinet of Ministers approved a resolution prepared by the Ministry of Finance on an additional 450 million Canadian dollars of a loan from Canada, increasing the amount of a soft loan to 1.45 billion Canadian dollars (1.131 billion US dollars). This is reported press office government on Friday, July 29.

It is noted that the funds will be directed to the state budget to finance priority expenditures, in particular, to ensure priority social and humanitarian payments.

Recall that on June 17, the State Budget of Ukraine received from Canada 1 billion Canadian dollars (equivalent to 0.773 billion US dollars) loan on concessional terms. These are the first funds that Ukraine received through the mechanism of the administrative account of the International Monetary Fund.

The loan repayment period is 10 years, the interest rate is 1.69% per annum. For additional tranches of the loan, the specified conditions are preserved.

Read also: Ukraine counts on $15-20 billion IMF loan by the end of the year – the head of the National Bank

Recall that in April 2022, the International Monetary Fund decided to create an administrative account for crediting funds in the form of a share of Special Drawing Rights from donor countries in favor of Ukraine. All funds raised from this account should be used to maintain the financial stability of Ukraine in the form of grants or loans.

Leave a Reply

Your email address will not be published.

Back to top button