PM announces support for economic stabilization and development In Ukraine

Ottawa, Ontario
13 March 2014

Introduction

Prime Minister Stephen Harper today announced additional support to help Ukraine restore economic, social and political stability during this important period of transition.   

The support will help the new Government of Ukraine stabilize its economy and deliver programming consistent with Canadian development priorities. It will also ensure that the Government of Ukraine receives the expert guidance and advisory support it needs to manage its economic transition, and will help enhance the capacity of the National Bank of Ukraine to undertake banking and financial sector reforms.

The support announced today is one of several measures that our Government is taking in concert with the international community to help address the current crisis in Ukraine. Any financial support provided by Canada will include the necessary safeguards and conditions to ensure accountability and transparency around the use of those funds.

Quick Facts

  • New support announced today will be provided in the form of a loan or loan guarantee, conditional on a broader package that includes International Monetary Fund (IMF) support for Ukraine. Additional support will assist the IMF in delivering technical assistance to help Ukraine manage its economic transition and financial sector reforms.
  • Canada has already provided funding for urgent medical assistance for Ukrainian activists.
  • Canada, along with a number of other member countries of the Organization for Security and Co-operation in Europe (OSCE), is currently part of a military observer mission that will report on military activities in Ukraine.
  • On March 5, 2014, at the request of the Prosecutor General of Ukraine, Canada froze the assets of members of the Yanukovych regime. As a result, Canada listed 18 people under the Freezing Assets of Corrupt Foreign Officials Act (Ukraine). 
  • In addition, Canada has imposed a travel ban against a number of individuals responsible for threatening the territorial integrity and sovereignty of Ukraine. The ban will prevent these individuals from travelling to Canada.

Quote

“Canada strongly supports the will of the Ukrainian people who have spoken out courageously in calling for a free and democratic Ukraine. Supporting the restoration of economic stability to the country is a priority for both Canada and our international partners. We are proud to announce additional measures today to promote sustainable economic growth, democratic development and good governance during this important transition period.” – Prime Minister Stephen Harper