KYIV: Ukraine has received a loan of one billion Canadian dollars ($770 million) on concessional terms, its first funds through an “administered account” set up by the International Monetary Fund, Prime Minister Denys Shmygal said on Friday.

“Grateful to…(Canadian Deputy Prime Minister Chrystia Freeland) for support & comprehensive assistance to Ukraine in the fight against the aggressor,” Shmygal tweeted, referring to Russia which invaded Ukraine in February.

The IMF set up the administered account in April to provide donors with a secure way to channel financial assistance to Ukraine in the form of grants and loans.

Biden announces new $1bn in weapons for Ukraine

Germany has also already pledged to contribute funds and other countries have expressed interest too, IMF spokesperson Gerry Rice said last week.