Canada to Allocate $200 Million Loan for Ukraine

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Canada will allocate $200 million loan for Ukraine to help restore its economy and ensure the country's social stability, the press service of the Ukrainian President said in a statement published on the president's official website.

MOSCOW, September 18 (RIA Novosti) — Canada will allocate $200 million loan for Ukraine to help restore its economy and ensure the country's social stability, the press service of the Ukrainian President said in a statement published on the president's official website after the meeting between the President of Ukraine Petro Poroshenko and the Canadian Prime Minister Stephen Harper held in Canada Wednesday.

"The Head of State expressed particular gratitude to Canada for allocating USD 200 million loan for Ukraine to restore its economy and ensure social stability," the statement reads.

Ukraine is on the verge of default. On August 29, the International Monetary Fund approved the disbursement of about $1.39 billion to Ukraine. The organization approved its two-year $17 billion stand-by arrangement on April 30.

Ukraine has to undergo through a severe austerity program that includes shedding 24,000 government jobs, raising taxes, selling off state assets and withdrawing subsidies on natural gas in order to receive the IMF funds in full.

Ukraine's economy is suffering as a result of the crisis in the country, with a standoff between government forces and independence supporters in the country's southeastern regions.

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