EU leaders on Thursday sealed a deal to provide Ukraine with 50 billion euros ($54 million) to shore up its war-ravaged economy after Hungary dropped weeks of threats to veto the measure.
The aid package -- about two-thirds loans and one-third grants to be paid out over a four-year period -- is not intended to fund arms and ammunition, which fall under a separate EU plan. Instead, it aims to stabilize Ukraine's economy after nearly two years of fighting, pay for rebuilding, and set the country up for future EU membership.
The package will help Kyiv plug budget gaps while avoiding the skyrocketing inflation seen in the first months after Russia's full-scale invasion in February 2022. Ukraine lost a third of its economic output to wartime destruction and occupation by Moscow, which took over the main heavy industry hubs in the east.
The central bank had to print money to cover state expenses and inflation shot up, reaching a high of 26%. The economy rebounded somewhat last year, but Kyiv spends almost all of its tax revenue on the war.
As of Saturday, neither President Volodymyr Zelenskyy's office nor the Ukrainian finance ministry have disclosed details of how the funds will be spent. However, statements by EU authorities, Ukrainian lawmakers and diplomats have identified key areas of concern:
Zelenskyy welcomed the assistance, in a post on X, formerly Twitter. He said that continued financial help from the EU would strengthen Ukraine's long-term economic stability, "which is no less important than military assistance and sanctions pressure on Russia."
Russia's economy, meanwhile, has weathered the unprecedented economic sanctions by Kyiv's Western allies better than expected, despite a price cap on Russian oil and natural gas and a widespread diversification in the West towards other energy sources.
In late November, Moscow adopted its biggest-ever federal budget, with defense spending overtaking social spending for the first time in modern Russian history. Record low unemployment, higher wages and targeted social spending have so far helped the Kremlin ride out the domestic impact of pivoting the economy to a war footing.
However, some analysts have called its spending plans "unsustainable in the long term," saying they expect tax rises after the presidential election in March.
Lynx Air announced Thursday that it has filed for creditor protection from the Court of King’s Bench of Alberta. The airline said in a release that it will cease operations at midnight, Monday, Feb. 26, with flights continuing until then.
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Research has shown that sex trafficking is rampant. For Canadians reading this story this means that within one kilometre from where you’re presently located, a young person is being lured into sex trafficking.
A Waterloo couple is grateful to be back home after they say they were detained for several hours at a Punta Cana airport, accused of carrying drugs.
Premier David Eby has been clear that speculators are in his crosshairs, and with the 2024 budget his government has announced details of a new 'BC Home Flipping Tax.'
The worker killed when a crane's load came crashing down at the massive Oakridge Park development project in South Vancouver this week was a mother of two, sources tell CTV News.
Ten delays, one cancellation, and about 27 hours later, Air Canada travellers trying to jet out of Fort Lauderdale finally made what one of them is calling a 'hellish journey' back to Toronto.
Westlock residents are voting Thursday on a bylaw that would prohibit rainbow crosswalks, a common symbol of support for the LGBTQ2S+ community, and restrict the town to flying only government flags.
There were haunting scenes in Port Coquitlam Wednesday evening, as family and friends of women victimized by serial killer Robert Pickton held a vigil in their memory, at the site of the former pig farm.
The judge overseeing the US$355 million civil fraud case has denied Donald Trump’s request to delay the judgment for a month.
A fire engulfed two residential buildings in the eastern Spanish city of Valencia on Thursday, killing four people and leaving 19 others missing hours after the blaze started, authorities said.
Israeli strikes have killed at least 71 people in southern and central Gaza during roughly the past 24 hours, the territory's health officials said Thursday.
A Black high school student’s monthslong punishment by his Texas school district for refusing to change his hairstyle does not violate a new state law that prohibits race-based hair discrimination, a judge ruled on Thursday.
U.S. authorities have accused another sanitation company of illegally hiring at least two dozen children to clean dangerous meat processing facilities, the latest example of illegal child labour that officials say is increasingly common.
A fire that killed five members of a Missouri family was intentionally set by the mother, police said.
A photo of federal Agriculture Minister Lawrence MacAulay eating lobster in Malaysia during an official trip has some people seeing red.
Justin Trudeau took an unprompted jab at Pierre Poilievre over a Senate porn bill that the prime minister says could usher in a digital ID for adults who want to browse certain websites.
Canada is the only NATO member without a plan or a timeline to reach the alliance's target of spending two per cent of GDP on defence, according to the U.S. ambassador to NATO.
More people are injured by treadmills than any other piece of exercise equipment, according to the U.S. Consumer Product Safety Commission. More than 22,000 treadmill injuries resulted in hospital emergency room visits in 2019.
Amid a growing number of measles outbreaks in the United States and Europe, health officials are warning the public about the possibilities of outbreaks in Canada, with one infectious disease specialist saying even a few measles cases can spark an outbreak.
Alabama's largest hospital paused in vitro fertilization treatments Wednesday as providers and patients across the state scrambled to assess the impact of a court ruling that said frozen embryos are the legal equivalent of children.
A spacecraft built and flown by Texas-based company Intuitive Machines landed near the moon's south pole on Thursday, the first U.S. touchdown on the lunar surface in more than half a century and the first ever achieved by the private sector.
A set of smart vending machines at the University of Waterloo is expected to be removed from campus after students raised privacy concerns about their software.
Putting a wet iPhone in uncooked rice has for years been a popular method to dry it out, but the company now says that's not what users should do.
Sylvester Stallone revealed that he had seven major surgeries after suffering a neck fracture shooting a fight scene with Stone Cold Steve Austin on the set of “The Expendables” in 2010.
Former talk show host Wendy Williams has been diagnosed with progressive aphasia and frontotemporal dementia, according to representatives for Williams.
Toronto native Mae Martin will host the 2024 Canadian Screen Awards.
Lynx Air announced Thursday that it has filed for creditor protection from the Court of King’s Bench of Alberta. The airline said in a release that it will cease operations at midnight, Monday, Feb. 26, with flights continuing until then.
The high cost of groceries isn't just taking a bite out of Canadians' bank accounts, it's also devouring any hope that prices may decrease.
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Bobi the dog, who died last year reportedly at the age of 31, has been stripped of the world’s oldest ever dog title following a review by Guinness World Records (GWR), the organization announced Thursday.
The newest multi-millionaire is advised to sign the back of their winning ticket immediately and head to a retailer to have it validated, so the OLG is notified.
More people are injured by treadmills than any other piece of exercise equipment, according to the U.S. Consumer Product Safety Commission. More than 22,000 treadmill injuries resulted in hospital emergency room visits in 2019.
Mississippi's Republican attorney general sued the Republican state auditor Thursday, saying the auditor is trying to usurp her authority over recovering interest on misspent welfare money from retired NFL quarterback Brett Favre, money that was supposed to help some of the poorest people in the U.S.
He's a runner, a juggler and now Jean-Marc Doiron finds himself joggling, and chasing a world record.
Auston Matthews scored his 50th and 51st goals of the season in his hometown to break a tie as the fastest U.S.-born player to reach 50 and help the Toronto Maple Leafs beat the crumbling Arizona Coyotes 6-3 on Wednesday night.
Toyota is conducting a safety recall to approximately 28,061 SUVs and pickup trucks in Canada involving transmission issues, the company said in a press release on Thursday.
There are additional aspects about buying an EV that you'll need to consider in order to get the best value. The car experts at Edmunds have put together five tips on what you need to know.
Even though authorities are trying to crack down on car thefts in Montreal, three men accused of operating a luxury car theft ring in the city walked free last month because it took too long for their case to go to trial.
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