On December 31, Russian Ambassador to Canada Oleg Stepanov said that Canada's support for Ukraine is a manifestation of "strategic helplessness" and unreasonable investments in a loss-making asset.
Speaking to Russian media, Mr. Stepanov commented on the commitment of Canadian Prime Minister Mark Carney to provide Ukraine with a support package worth 1.8 billion USD to help Kiev access loans from the International Monetary Fund (IMF) and other financial institutions.
According to Mr. Stepanov, with his rich experience in the financial - banking sector, Mr. Carney cannot help but understand that investing in a loss-making asset is unreasonable.
But Ottawa is becoming hostage to its own political decisions. This money, in fact, withdrawn from the pockets of Canadian taxpayers, will never be returned, in the context that the country's economy is facing a series of problems," Mr. Stepanov added.
Earlier, Prime Minister Carney said Canada would disburse the above-mentioned support on December 27 in Halifax, Nova Scotia. According to him, this amount will pave the way for funding from the IMF, the World Bank and the European Bank for Reconstruction and Development (EBRD) to initiate the recovery process.
Ukraine's current program with the IMF is designed for the period 2023-2027, but Kiev has proposed that the fund build a new program.
According to the IMF, the total financial shortfall in Ukraine's budget for the period 2026-2029 is estimated at 136.5 billion USD. In the period 2026-2027 alone, Ukraine will face a remaining financial shortfall of about 63 billion USD.
