The Cabinet of Ministers of Ukraine has amended the Basic Conditions for State Foreign Borrowing in 2022 by attracting a loan from Canada, presented by the Minister of Finance, the press service of the Ministry of Finance of Ukraine reported on Friday.
“The draft resolution was developed by the Ministry of Finance to increase the amount of a concessional loan by 0.45 billion Canadian dollars (equivalent to 0.351 billion US dollars) under a loan agreement between Ukraine and Canada, as a result of which the loan amount will be 1.45 billion Canadian dollars (equivalent to . 1.131 billion US dollars),” the message says.
It clarifies that the funds will be directed to the state budget to finance priority spending, in particular to ensure priority social and humanitarian payments.
The agency recalls that on June 17, the state budget of Ukraine received 1 billion Canadian dollars (equivalent to 0.773 billion US dollars) of a loan on preferential terms from Canada.
“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. The specified conditions have been preserved for additional tranches of the loan,” the Ministry of Finance summed up.
