The money is being disbursed to Ukraine as concerns grow over whether U.S. president-elect Donald Trump will reduce American aid to Ukraine
Ukrainian ambassador to Canada Yuliya Kovaliv speaks at an event to mark Ukraine Independence Day in Ottawa on Aug. 24, 2023.Ukraine’s top envoy in Ottawa said Kyiv is eager to receive the $5-billion that Canada has promised to lend the European country as part of a US$50-billion loan package agreed to by the Group of Seven countries earlier this year.
“These funds – paid for by the windfall proceeds earned from Russia’s own immobilized assets – will provide Ukraine a critical infusion of support as it defends its country against an unprovoked war of aggression,” U.S. Treasury Secretary Janet Yellen said Tuesday. The United States said its share would be transferred to a World Bank fund that Ukraine could access.
The funds will be used for spending other than military aid including health care, education and social services as well as repairing Ukraine’s energy infrastructure, which has been badly damaged by Russian attacks. The latest available assessment by the World Bank, European Commission, United Nations and Ukrainian government found that direct war damage in Ukraine had reached US$152-billion as of December, 2023, with housing, transport, commerce and industry, energy and agriculture the worst-affected sectors.
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