Canadian financial support for Ukraine will continue, Finance Minister Chrystia Freeland said yesterday. Freeland spoke of “my cousins in Ukraine” in praising Canadian aid worth $3.12 billion to date..“We know that is really important,” Freeland told reporters. “We are going to continue with that support. We are going to continue with military support to Ukraine.”.According to Blacklock's Reporter, the majority of Canadian aid, some $1.95 billion, is in federal loans. Military assistance totaled $626 million with an additional $320 million in foreign aid and $117 million for war refugees, according to federal figures submitted to Parliament. All pledges had been met, said Freeland..“It’s one thing to promise the money,” said Freeland. “It’s another thing for that money to hit Ukrainian bank accounts. You don’t need to trust me about this.”.“It’s only Ukrainians who are fighting and dying,” said Freeland. “So I am really humbled when it comes to how much we should all respect Ukraine and recognize their extreme courage and their extreme sacrifice. Canada is supporting Ukraine with financial assistance.”.Freeland said she speaks with Ukrainian government leaders regularly. “There is rarely a day when I don’t speak to a Ukrainian cabinet minister in Ukraine. That includes conversations I’ve had on Monday, Tuesday and Wednesday.”.“So I am in very close touch with the leaders of Ukraine and so are very many members of our government,” said Freeland. “The Government of Ukraine and the people of Ukraine know that the Government of Canada and the people of Canada are strong supporters of Ukraine, that we recognize this fight is not just Ukraine’s fight.”.“Ukraine is fighting for its sovereignty and for its democracy but Ukraine is also fighting for democracy around the world,” said Freeland..Cabinet has not indicated how much more it is prepared to spend on Ukrainian loans and grants. Ukraine effective July 21 defaulted on foreign debts worth US$129.9 billion, by World Bank estimate. The country suspended debt payments until December 31, 2023 at the earliest..“Ukraine’s economy is expected to shrink by an estimated 45 percent this year although the magnitude of the contraction will depend on the duration and intensify of the war,” the World Bank wrote in its last Economic Update..“By 2025 GDP will be a third less than its pre-war level in 2021,” wrote analysts, adding: “The poverty and social impacts of the war will be massive.”.“The share of the population with incomes below the national poverty line may reach 70 percent in 2022 up from 18 percent in 2021,” said a separate World Bank report War In The Region. “In the absence of a massive postwar support package this indicator would still be higher than 60 percent by 2025.”
