Canada pledges $2.5bn in new economic aid to Ukraine

Canada will provide an additional $2.5 billion in economic aid to Ukraine, Prime Minister Mark Carney said on Saturday, as he met President Volodymyr Zelenskyy during a stopover in Halifax.

Carney said the funding would help Ukraine unlock further financing from international institutions, including the International Monetary Fund, the World Bank and the European Bank for Reconstruction and Development.

“We are announcing today further economic assistance for Ukraine, two and a half billion dollars’ worth of economic assistance that helps unlock financing from the IMF, from the World Bank, from the European Bank for Reconstruction and Development, to begin this process of rebuilding,” Carney told reporters.

Zelenskyy thanked Canada for its continued support, describing the aid as critical as Ukraine faces renewed Russian attacks.

“Russia launched more than 500 drones and dozens of missiles,” he said, referring to overnight strikes on Ukrainian cities. “This is Russia’s answer to peace efforts.”

The meeting took place as Zelenskyy travelled to Florida for talks with U.S. President Donald Trump, which he said would focus on security guarantees, air defence and territorial issues as part of efforts to end the war triggered by Russia’s invasion in February 2022.

Carney said recent Russian attacks underlined the need to stand firmly with Kyiv.

“The barbarism that we saw overnight, the attack on Kyiv, shows just how important it is that we stand with Ukraine during this difficult time and that we create the conditions for a just and lasting peace,” he said.

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Canada has been one of Ukraine’s strongest Western supporters, providing military, economic and humanitarian assistance since the start of the war.

Carney reaffirmed that Canada would continue its military support alongside the newly announced economic package.

Zelenskyy said discussions with allies would continue in the coming days, including with members of the so-called coalition of the willing, as diplomatic efforts intensify to bring the conflict to an end.

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