05:42 GMT07 March 2021
Listen Live
    Europe
    Get short URL
    0 36
    Subscribe

    The agreement was signed on March 25. The loan is for a period of five years with an annual rate of 1.4 percent.

    MOSCOW (Sputnik) – The Canadian Export Agency has signed a deal with the Ukrainian Finance Ministry for a loan of 200 million Canadian dollars ($160 million) that Kiev should receive by the end of March, the Ukrainian Finance Ministry’s press service said Thursday.

    “[Ukrainian] Finance Minister Natalie Jaresko signed a loan agreement on March 25 with the Canadian Export Agency as an agent from Her Majesty the Queen in the name of Canada for a total of 200 million Canadian dollars,” a statement on the ministry’s website reads.

    The loan is for a period of five years with an annual rate of 1.4 percent.

    “The funds for the loan should be received March 31, 2015,” the ministry said.

    Ukraine is on the verge of default, as the conflict with independence forces in its southeastern regions is directly impacting the country's economy.

    On Tuesday, Ukrainian Prime Minister Arseniy Yatsenyuk said that due to the almost year-long conflict in Donbas, the country has lost 25 percent of the value of its economy and hundreds of businesses have closed.

    In a bid to stabilize Ukraine's economy, the International Monetary Fund (IMF) has approved a four-year $17.5-billion financial aid program in exchange for Kiev's commitment to implement deep political, social and financial reforms.

    Related:

    Financial Aid to Ukraine Like Throwing Money Into a Black Hole – Analyst
    Russia Provides Ukraine With $13.75 Million as Part of First IMF Loan
    Canada Announces $200Mln-Low-Interest Loan to Ukraine
    Ukraine Unable to Repay Russian Debt - IMF
    Tags:
    loan agreement, Canadian Export Agency, Natalie Jaresko, Canada, Ukraine
    Community standardsDiscussion