Business news from Ukraine


8 April , 2022  

Canada’s draft federal budget for 2022 (starts July 1), presented by Deputy Prime Minister Chrystia Freeland in Parliament on Thursday, provides for the continuation of active financial support for Ukraine, in particular, the allocation of CAD500 million (almost $400 million) of military assistance and CAD1 billion (almost $800 million) loans.
“Canadians support the brave people of Ukraine, who are fighting for their lives, for their sovereignty, for their own and for our own democracy,” reads the preamble to a separate “Support for Ukraine” section of the budget, posted on the Canadian Treasury website.
According to him, at the beginning of this year, Canada announced the expansion of Operation UNIFIER, the mission of the Canadian armed forces to provide military training and support to Ukrainian forces, under which since 2015 Canada has trained about 33,000 Ukrainian military and security forces, as well as the provision of military assistance to over CAD90 million
“The 2022 budget proposes to allocate an additional CAD500 million in 2022-2023 to provide additional military assistance to Ukraine,” the draft reads.
It clarifies that Canada is already providing military assistance, both lethal and non-lethal, and is also partnering with allies to share intelligence and provide support in enhancing Ukraine’s cybersecurity.
With regard to sanctions and holding Russia accountable, the draft 2022 budget announced the government’s intention to clarify the powers of the Minister of Foreign Affairs to confiscate and dispose of assets belonging to individuals and entities under sanctions.
The document states that to date, Canada has provided CAD145 million in humanitarian assistance and CAD35 million in development assistance to provide direct support to Ukrainians affected by the illegal Russian invasion, as well as loans totaling CAD620 million to support Ukraine’s financial stability, economic sustainability and governance reforms.
“The 2022 budget announced that Canada will offer up to CAD1 billion in new credit resources to the government of Ukraine through a new managed account for Ukraine at the International Monetary Fund (IMF) so that the government can continue its activities,” the draft reads.
It clarifies that Canada has worked with the government of Ukraine, the IMF and other member countries to establish this mechanism and encourage allies and partners to participate.
In addition, Canada recalled that since March 17, it has given permission to Ukrainian refugees and their closest relatives of any nationality to stay in Canada as temporary residents for up to three years with the right to work. They will also have access to additional support such as language training and career guidance services.
The federal government is also developing a special permanent residence program for Ukrainians with relatives in Canada.
“The government has provided new funding of CAD111 million over five years with CAD6 million in subsequent years to implement these new immigration measures,” the draft states, including CAD78 million for this purpose in the draft 2022 budget.

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