YEREVAN, March 14. / ARKA /. Canada will contribute $220 million to an international effort to bail out the government of Ukraine, Foreign Affairs Minister John Baird said Thursday, Prime reported citing CBC.

“Restoring economic stability in that country is a priority for both Canada and of our international partners during this important transition period towards a Euro-Atlantic future for Ukraine,” he said.

Baird said Canada is prepared to work with the European Union, the United States and the International Monetary Fund (IMF) to help Ukraine, saying it seems to have enough money to keep afloat for a few months.

But at the same time, Baird said, Canada and its allies won’t write blank cheques to Ukraine’s new leadership in Kyiv.

“Obviously, the IMF is going to want to negotiate some of the strict conditions.”
Canada, he added, will “take a strong role” in ensuring that there “be appropriate safeguards and transparency” attached to any financial assistance.

IMF advisers in Ukraine will make recommendations on what level of support the country needs, Baird said.

Canada is committing $200 million to the IMF efforts, and another $20 million will go directly toward helping Ukraine get the “expert guidance it needs to manage this important economic transition.”

Last week, the EU proposed a $15-billion aid package, and the U.S. committed $1 billion. The new government in Kyiv has said it needs $35 billion for this year and next. -0-