WASHINGTON: Canada's support for Ukraine is an example of "strategic helplessness" and irrational investments in a loss-makin...
WASHINGTON: Canada's support for Ukraine is an example of "strategic helplessness" and irrational investments in a loss-making asset, Russian ambassador to Ottawa Oleg Stepanov told TASS.
"Support provided to [Vladimir] Zelensky's regime by the cabinet of [Canadian Prime Minister Mark] Carney is an example of strategic helplessness," the diplomat said, commenting on the prime minister's promise to provide Ukraine with $1.8 billion to receive loans from the International Monetary Fund (IMF) and other financial institutions.
"Carney, a man with an extensive experience in the financial and banking sector, cannot help but know that investing in a loss-making asset is irrational. But Ottawa is a hostage to its own political decisions. The funds, in fact, withdrawn from the Canadian taxpayers, will never be returned. And this is against the background of problems galore in the maple economy."
Carney told Zelensky that Canada will disburse the assistance on December 27 in Halifax (the Canadian province of Nova Scotia). According to the prime minister, these funds will help unlock financing from the IMF, the World Bank, and the European Bank for Reconstruction and Development to begin recovery.
Ukraine's current program with the IMF is designed for 2023-2027, but Kiev has already asked the fund to develop a new one. According to the IMF, the total lack of funding in the Ukrainian budget in 2026-2029 is estimated at $136.5 billion. In 2026-2027, Ukraine will face a residual financing deficit of about $63 billion.
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