Canada launches Ukraine Sovereignty Bond

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The funds will assist the government of Ukraine so it can continue to provide essential services to Ukrainians this winter…reports Asian Lite News

The Canadian government has launched the 500 million Canadian dollar ($400 million) Ukraine Sovereignty Bond.

The funds will assist the government of Ukraine so it can continue to provide essential services to Ukrainians this winter, such as pensions, the purchasing of fuel, and restoring energy infrastructure, Xinhua news agency reported, citing a press release issued by the Canadian Finance Ministry on Monday.

Consistent with the terms of Canada’s financial assistance to Ukraine to date, the funds cannot be used for lethal activities or purchases, and must be consistent with relevant sanctions laws and regulations, the release said.

According to the release, Canadians who purchase the Ukraine Sovereignty Bond will, in effect, be purchasing a regular five-year Government of Canada bond at roughly the current 3.3 per cent rate of return.

After the bond issuance has concluded, and subject to negotiations with Ukraine, an amount equal to the proceeds from the bond will be transferred to Ukraine through the International Monetary Fund Administered Account for Ukraine, the release said.

Russia-Ukraine crisis.(photo:ukraine_defence/Instagram)

Restoration of Kherson

An estimated amount of over 2.7 million USD have been allocated for the restoration of the Kherson region of Ukraine that witnessed Russian withdrawal recently, CNN reported.

“The government allocated 100 million Hryvnia (USD 2.7 million) for the priority restoration of the liberated Kherson region,” Ukrainian Prime Minister Denys Shmyhal wrote in a Facebook post-Sunday, as per CNN.

He added that it is only the beginning and people will receive pensions that were accrued to them during the occupation.

“This is the beginning of the reconstruction of the region. First of all, we are talking about the critical needs of the residents of the region: access to light, water, heat, communication and medicine,” he said.

The Ukrainian Prime Minister also underlined the aid Ukraine has received from countries to fight Russian aggression.

“Canada issued five-year government bonds that are worth 500 million Canadian dollars (nearly USD 374 million),” he wrote adding that Ukraine will also receive 2.5 billion euros from the European Union next week, according to CNN.

Ukraine’s troops entered Kherson on November 11 after Russian forces withdrew and retreated to the east

After Moscow announced the withdrawal of forces from Kherson, the US announced the authorization of a Presidential Drawdown of security assistance, worth USD 400 million for Ukraine.

Calling it a success since the war between Russia and Ukraine started in February, Ukraine’s foreign minister has hailed Russia’s withdrawal of troops from the southern city of Kherson as an important battlefield success.

“Ukraine is gaining another important victory right now and proves that whatever Russia says or does, Ukraine will win,” Dmytro Kuleba said in a tweet.

Notably, Ukrainian forces disabling bridges across the Dnipro river and attacking Russian supply lines made it very difficult for Russia to defend the occupied territory.

As per CNN, Russia’s withdrawal from Russia would be the most significant military development since the Ukrainian forces were able to sweep through the northern Kharkiv region back in September.

Kherson was one of four Ukrainian regions that were ‘illegally’ annexed by Russia in September.

The Russia-Ukraine conflict which started eight months ago has jolted Europe. The European Union and its Member States have shown solidarity with people fleeing the war. (IANS/ANI)

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