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Canada to offer up to C$1 billion in new loan resources to Ukraine

A clean up worker walks past buildings that were destroyed by shelling, amid Russia's invasion of Ukraine in Borodyanka, in the Kyiv region, Ukraine, April 7, 2022. REUTERS/Marko Djurica

OTTAWA (Reuters) - Canada will offer Ukraine up to C$1 billion ($794 million) in new loan resources via the International Monetary Fund (IMF) and provide an additional C$500 million in military aid, the Liberal government said on Thursday.

The announcements in the federal budget mean Canada has now committed more than C$1.2 billion in direct contributions to Ukraine, as well as offering up to C$1.6 billion in loan supports.

“This support has helped respond to the humanitarian crisis, and ensure that the Ukrainian government can continue to provide essential services,” the budget said.

Canada will offer up to C$1 billion in new loan resources to Kyiv through a new Administered Account for Ukraine at the IMF.

Since 2015, Canadian troops have been training Ukrainian forces in the west of the country. In January, Ottawa said the mission would be expanded.

Canada, which has announced more than C$90 million in lethal and non-lethal weaponry to Ukraine so far, said on Thursday it proposed to provide an additional $500 million in the 2022-23 fiscal year to provide further military aid.

The statement did not give details. Canadian officials say they do not have any more stocks of anti-tank missiles, small arms and ammunition that can easily be sent to Ukraine.

Canada is home to some 1.4 million Ukrainians, making it the world’s second-largest Ukrainian diaspora. With her Ukrainian roots, Canadian Finance Minister Chrystia Freeland has made impassioned statements in support of Ukraine to G20 colleagues and the Canadian public and has been a leading voice against the Russian invasion.

($1 = 1.2600 Canadian dollars)

Reporting by David Ljunggren; Editing by Denny Thomas and Aurora Ellis

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