EU leaders on Thursday sealed a deal to provide Ukraine with 50 billion euros (US$54 billion) 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.
Israel launched airstrikes early Saturday on what it described as military targets in Iran in retaliation for a ballistic missile assault Oct. 1, officials said. There was no immediate information on damage in the Islamic Republic.
Scotiabank has confirmed outages affecting mobile and online banking services, according to a statement published to its X account.
Canada Post driver Rick Harper recounts how he and others helped save a woman from a Tesla that caught fire after crashing into a guardrail on Lake Shore Boulevard.
A makeshift aquarium that popped up this summer in a puddle beneath a leaky fire hydrant in New York City has been paved over, to the dismay of neighbours who turned the area into a hangout spot and goldfish shrine.
Human-caused climate change made almost all of Canada’s heat waves hotter and more likely, Environment and Climate Change Canada said in an announcement Friday.
A New Hampshire woman was sentenced Friday to 53 years to life in prison in the death of her 5-year-old son, who was beaten, starved and exposed to drugs before his 19-pound body was found buried in a Massachusetts park in 2021.
Longtime Liberal MP Wayne Long says Prime Minister Justin Trudeau should give more weight to the views of his backbenchers in determining his future leading the Party, rather than relying on those in his immediate orbit.
Two adults and two children were found dead in the charred rubble of a house fire after a mother and another child jumped from a third-floor window to escape flames in a southwest Las Vegas neighborhood, authorities said.
Russian actors made a widely circulated video falsely depicting mail-in ballots for Donald Trump being destroyed in Pennsylvania, U.S. officials said Friday.
The Yukon government says testing around the gold mine where a containment facility gave way, spilling millions of tonnes of cyanide-laced rock, has found increased levels of mercury, cobalt and cyanide.
It's been a long and emotional journey for Manitoba residential school survivor Susan Caribou. Her niece, Tanya Nepinak, has been missing since September 2011 and has never been found.
The Provincial Archives of New Brunswick (PANB) has uploaded dozens of dashboard camera videos from the 1970s to their YouTube channel.
Canada Post driver Rick Harper recounts how he and others helped save a woman from a Tesla that caught fire after crashing into a guardrail on Lake Shore Boulevard.
A Canadian navy missile test was aborted mid-flight this week after controllers lost communication with the projectile off the coast of southern California.
A former Alberta teacher has been sentenced to four years for sexually abusing a student.
Russian actors made a widely circulated video falsely depicting mail-in ballots for Donald Trump being destroyed in Pennsylvania, U.S. officials said Friday.
U.S. President Joe Biden on Friday formally apologized to native Americans for the 'sin' of a government-run boarding school system that for decades forcibly separated children from their parents, calling it a 'blot on American history' in his first presidential visit to Indian Country.
Israel launched airstrikes early Saturday on what it described as military targets in Iran in retaliation for a ballistic missile assault Oct. 1, officials said. There was no immediate information on damage in the Islamic Republic.
Chinese hackers targeted cellphones used by Republican presidential nominee Donald Trump, his running mate, JD Vance, and people associated with the Democratic campaign of Kamala Harris, people familiar with the matter said Friday.
A New Hampshire woman was sentenced Friday to 53 years to life in prison in the death of her 5-year-old son, who was beaten, starved and exposed to drugs before his 19-pound body was found buried in a Massachusetts park in 2021.
Pizza inadvertently laced with THC has apparently sickened dozens of people in Wisconsin.
Longtime Liberal MP Wayne Long says Prime Minister Justin Trudeau should give more weight to the views of his backbenchers in determining his future leading the Party, rather than relying on those in his immediate orbit.
Foreign Affairs Minister Melanie Joly says Canada strongly condemns a new surge in gang violence in Haiti.
Canada's long-held consensus on immigration is under threat but has not disappeared, the immigration minister said in an interview after announcing a major cut to the number of newcomers to Canada.
Children who have coughs that go on for weeks may have a type of walking pneumonia that’s been surging in the U.S. this year, and they may need a different antibiotic regimen to treat it, infectious disease experts say.
The number of people infected by the E. coli outbreak tied to McDonald's Quarter Pounder hamburgers increased to 75 from 49, the U.S. Food and Drug Administration said on Friday.
Understanding the common symptoms of a cold or flu can help you make an informed choice about treatment. Here’s what to know about each illnesses’ symptoms and when it’s time for a doctor visit.
Law enforcement agencies across the U.S. are cracking down on a troubling spread of child sexual abuse imagery created through artificial intelligence technology — from manipulated photos of real children to graphic depictions of computer-generated kids.
The search for a popular tortoise that went missing from his home in Piedmont is over after his owner said he came home.
Most people have accumulated a pile of data -- selfies, emails, videos and more -- on their social media and digital accounts over their lifetimes. What happens to it when we die?
Phil Lesh, a classically trained violinist and jazz trumpeter who found his true calling reinventing the role of rock bass guitar as a founding member of the Grateful Dead, died Friday at age 84.
A New Mexico judge has upheld her decision to dismiss an involuntary manslaughter charge against Alec Baldwin in the fatal shooting of a cinematographer on the set of a Western movie.
Tom Holland is getting ready to don his Spidey suit again. The fourth installment of the blockbuster series has been set for a July 2026 release, Sony Pictures said Friday.
Natural gas producers in Western Canada have white-knuckled it through months of depressed prices, with the expectation that their fortunes will improve when LNG Canada comes online in the middle of next year.
Bank of Canada governor Tiff Macklem says the world has become more prone to supply shocks which create more risks to inflation, but the central bank is in a better place to deal with them now that inflation is under control.
The former longtime CEO of Abercrombie & Fitch pleaded not guilty Friday to federal sex trafficking and interstate prostitution charges.
Archeologists have uncovered a tiny house in Pompeii that is filled with elaborate – and sometimes erotic – frescoes, further revealing the ornate way in which Romans decorated their homes.
In early 2018, Amanda and Sunil started chatting, messaging back and forth on Instagram, introducing themselves and talking a little about their lives. Fast forward to August 2018, the couple got engaged on vacation in Thailand and a year later, after Amanda moved to India, got married.
A Toronto man who only recently checked a Lotto 6/49 lottery ticket he bought back in June is now $2.5 million richer.
A Sherpa teenager who's won mountaineering celebrity as the youngest person ever to summit the world's 14 highest peaks called for Sherpas to be recognized as athletes and expedition leaders as well as porters and guides.
Nikolaj Ehlers scored the winning goal 1:26 into overtime, and the Winnipeg Jets remained unbeaten this season with a 4-3 win over the Seattle Kraken on Thursday night.
Broadway vs. Hollywood has produced the starriest Series in decades, if not ever.
A town in southern Alberta will be one of the first to let golf carts be driven on select roads as part of a provincial pilot program.
An increased risk of fire has prompted the recall of thousands of Honda hybrid vehicles in Canada.
A senior executive for Volkswagen in China has been deported for allegedly using cocaine and marijuana while on vacation in Thailand, according to Chinese authorities and German media reports.
A new resident at a Manitoba animal rescue has waddled her way into people's hearts.
Hundreds of people ran to the music of German composer and pianist Beethoven Wednesday night in a unique race in Halifax.
He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.
A meteor lit up our region's sky last night – with a large fireball shooting across the horizon over Lake Erie at around 7:00 p.m.
Residents of Ottawa's Rideauview neighbourhood say an aggressive wild turkey has become a problem.
A man who lost his life while trying to rescue people from floodwaters, and a 13-year-old boy who saved his family from a dog attack, are among the Nova Scotians who received a medal for bravery Tuesday.
A newly minted Winnipegger is hoping a world record attempt will help bring awareness for the need for more pump track facilities in the city.
A Springfield, Ont. man is being hailed a 'hero' after running into his burning home to save his two infant children.
Hortense Anglin was the oldest graduate to make her way across the platform at York University's Fall Convocation ceremony this week. At the age of 87, she graduated with an Honours degree in Religious Studies.
The final count of ballots in the 2024 B.C. election begins Saturday, with more than 66,000 mail-in and absentee votes potentially yet to be counted across the province's 93 electoral districts.
A B.C. real estate agent who allowed strangers to access a home without licensed supervision, and then lied when questioned about it later, is facing a $14,000 fine and a six-month suspension.
The countdown to the arrival of Taylor Swift’s Eras Tour is on, with three dates planned in Vancouver this December - and some condo owners are looking to cash in on the fan frenzy.
Canada Post driver Rick Harper recounts how he and others helped save a woman from a Tesla that caught fire after crashing into a guardrail on Lake Shore Boulevard.
Police say they are searching for a second suspect wanted in connection with the murder of a 37-year-old Brampton man who was shot to death in Toronto last month.
Scotiabank has confirmed outages affecting mobile and online banking services, according to a statement published to its X account.
The Alberta legislature is set to reconvene on Monday and the Danielle Smith government will be providing more details about its plans for the session.
An investigation into the death of a man in Calgary police custody earlier this month has concluded that officers did not contribute to his death and that he was cared for properly.
The province still has a huge supply of a Turkish children’s pain-relief medicine that was procured in 2022 during a countrywide shortage.
Ontario Provincial Police (OPP) say a 14-year-old boy from Bridgewater, N.S. is facing several charges in connection with threats made against a Catholic high school in eastern Ontario.
A Montreal man is charged with first-degree murder in connection to the stabbing death of a woman at a park in Ottawa’s south end on Thursday.
Ontario Provincial Police are investigating after a body was found in Perth, Ont. Friday afternoon.
Quebec's social services minister says he's outraged by reports that educators at a detention centre for youth in Montreal had sexual relations with minor detainees — and that one of the employees allegedly had a baby with a teenage resident.
Two minors were in court Friday to face charges after four teenagers were stabbed outside a Montreal high school.
Israel launched airstrikes early Saturday on what it described as military targets in Iran in retaliation for a ballistic missile assault Oct. 1, officials said. There was no immediate information on damage in the Islamic Republic.
A former Alberta teacher has been sentenced to four years for sexually abusing a student.
A second person has been charged in connection with the death of a man in the Kingsway area earlier this year.
Students are feeling the pinch, and the University of Alberta Food Bank is looking to refill the shelves ahead of what is expected to be another record year for demand.
The GoFundMe page for the family of an employee found dead at a Halifax Walmart last weekend has paused donations after almost $200,000 was raised in roughly 24 hours.
Ontario Provincial Police (OPP) say a 14-year-old boy from Bridgewater, N.S. is facing several charges in connection with threats made against a Catholic high school in eastern Ontario.
Eviction day is one week away and the number of tents in the median of University Avenue in Halifax is steadily decreasing ahead of the city-imposed deadline.
Winnipeg police are looking for a suspect after a woman's dorm room was broken into at the U of M and she was assaulted.
Repairs to the historic 110-year-old rail bridge at The Forks could come with a multi-million dollar price tag.
Manitoba RCMP are providing an update to a crash on Highway 1 that killed one person on Wednesday.
Saturday will mark the end of the CFL regular season, and the Saskatchewan Roughriders will have their eyes on Winnipeg’s matchup versus Montreal to know if they have a chance of clinching the West Division.
With an attempt to address the shortage of housing available in the community, the City of Yorkton has started a housing incentive program where new builders will receive a 50 per cent rebate on residential lots, and a full tax exemption for five years.
As the final day of voting for the Saskatchewan election inches closer, voters may be wondering when official winners will be declared.
Geovanny Villalba-Aleman, the man who stabbed three people in a gender studies class at the University of Waterloo, says he ‘acted dumb’.
All the evidence has now been called at the trial of Erick Buhr, who has pleaded not guilty to second degree murder in the death of his grandmother, Viola Erb.
Residents spotted smoke coming from a waste management site in Waterloo on Friday afternoon.
A Saskatchewan woman is worried her child might die before receiving life-saving surgery and tests as he sits on the province's surgical waitlist.
The Saskatchewan RCMP is releasing the names of two suspects arrested on Thursday for a violent vehicle theft that triggered a widespread police search.
Police have still not confirmed the identity of a body discovered in Prince Albert last week.
The Town of Cochrane plans to roll out its $10-lot program in a month or two.
Two people – one from Timmins, the other from Kapuskasing -- have been fined more than $7,000 for camping violations, including empty septic tanks directly onto the ground.
The federal government is spending a significant amount of money to improve Indigenous student learning across Ontario.
London police have issued a warning to the public following an increased number of overdoses in the area of Queens Avenue and Adelaide Street North.
On Wednesday afternoon just before 4:30 p.m., a man and woman entered a business in the area of Oxford Street East and Highbury Avenue North.
A new staff report calls for homeless encampments to be allowed even closer to residential neighbourhoods, reducing the buffer zone from 100 metres to 25 metres.
Several students have been banned from being spectators at school sporting events, and others suspended from school, after verbal and physical exchanges at a high school soccer game.
A 15-year veteran officer with the South Simcoe Police Service has been charged with discreditable conduct following an allegation of sexual assault.
Residents are reporting troubling scenes along a stretch of Georgian Bay’s shoreline, where several dead birds have been found.
The Windsor Police Service is investigating a suspicious death in south-central Windsor.
A Harrow school is memorializing two students and their mother, who were tragically killed in June.
The Gordie Howe International Bridge will serve as a new crossing for vehicles, but many walkers and cyclists are also excited about the opportunity to access the U.S. in a different way.
The final count of ballots in the 2024 B.C. election begins Saturday, with more than 66,000 mail-in and absentee votes potentially yet to be counted across the province's 93 electoral districts.
Hulitan Early Years Centre is a brand new, 48-seat childhood learning centre in Colwood. It was built to support Indigenous children throughout the capital region.
Mounties in Nanaimo are asking the public for help as they investigate a fatal hit-and-run collision that killed a man southeast of the city Thursday evening.
More than two years after Alannah Brown and Douglas Barker were found dead north of Penticton, police are asking for help identifying a vehicle they believe was associated with the crime.
Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.
A U.S. District Court judge in Montana has sentenced a 27-year-old man from Kelowna, B.C., to 18 months in prison for using fake names to buy guns with the aim of selling them in Canada.
About 15,000 students are enrolled at Lethbridge’s post-secondary schools, and now the city is working with those schools to try to find ways to get them s to stick around a while.
With Halloween less than a week away, organizations in Lethbridge are preparing to get in on the trick-or-treating fun.
The City of Lethbridge is bringing forward a water conservation policy, the first of its kind for the city.
The union that represents hospital workers across the province is used a symbol from Greek mythology Friday in Espanola to drive home its campaign about the perils of privatization in health care.
CTV's Coats for Kids is nearing the end of its donation window, with the need as strong as it’s ever been.
The Anishinabek Police Service and the Ontario Provincial Police are investigating the circumstances around a death in Fort William First Nation.
Investigators found the remains of a 77-year-old American man on Wednesday at the scene of a fire that destroyed a hotel in western Newfoundland earlier on the weekend.
Police in western Newfoundland say a 77-year-old man visiting the province from Kansas is missing after a fire at a hotel in Deer Lake, N.L.
At 2 p.m. on Thursday, the scene at the Lions Club in Clarenville, N.L., rivalled any rowdy St. John's bar that thumps with music late on a weekend night.
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