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.
Donald Trump has said he wouldn’t be a dictator — 'except for Day 1.' According to his own statements, he's got a lot to do on that first day in the White House.
King Charles III led the nation Sunday in a two-minute silence in remembrance of fallen service personnel in central London as the Princess of Wales looked on, a further sign the royal family is slowly returning to normal at the end of a year in which two of the most popular royals were sidelined by cancer.
The outfield lights at a baseball stadium in Cuba proved to be little match for Hurricane Rafael’s extreme wind.
As the possibility of mass deportations looms following Donald Trump's re-election on Tuesday, border towns like the City of Cornwall are preparing for a potential influx of asylum seekers.
The black balls – initially thought to be made of tar – were actually mini "fatbergs," made up of human feces, methamphetamine, human hair, fatty acids, and food waste, among hundreds of other vile and befuddling substances.
A 6.8 magnitude earthquake shook eastern Cuba on Sunday, after weeks of hurricanes and blackouts that have left many on the island reeling.
Murray Sinclair’s family members say the late justice and senator has been laid to rest according to his wishes.
Police in Newfoundland say a man was electrocuted Saturday by a downed power wire about 10 kilometres north of St. John's, N.L.
Select Porsche owners in Canada have been told to stop driving their cars immediately and to seek repairs after an issue was identified that could cause wheels to separate from vehicles.
Police in Newfoundland say a man was electrocuted Saturday by a downed power wire about 10 kilometres north of St. John's, N.L.
Nova Scotia's New Democratic Party says a candidate criticized by the Centre for Israel and Jewish Affairs for "troubling" and "damaging" social media posts is no longer running for the party in the Nov. 26 general election.
Winnipeg firefighters rescued and reunited a cat with its owners Saturday after a house fire in the city’s Burrows neighbourhood.
Dozens of people gathered in Surrey's Holland Park on Saturday to show their support for the family of missing 18-year-old Joseph Maku.
A woman is dead after a driver crashed a truck through a Boston Pizza in Fort McMurray late Saturday morning.
Brian Avery was three years old when he and his parents packed their belongings into a boat and pulled away from Deer Harbour, N.L., leaving behind their home, their way of life and centuries of family history.
Donald Trump has said he wouldn’t be a dictator — 'except for Day 1.' According to his own statements, he's got a lot to do on that first day in the White House.
Thousands of Spaniards marched in the eastern city of Valencia on Saturday to demand the resignation of the regional president in charge of the emergency response to last week's catastrophic floods that left more than 200 dead and others missing.
Paris police said Sunday that 4,000 officers and 1,600 stadium staff will be deployed for a France-Israel soccer match to ensure security in and around the stadium and on public transportation a week after violence against Israeli fans in Amsterdam.
Gunmen open fired in a bar in central Mexico killing 10 people and injuring seven, a local official said.
Bitcoin on Sunday hit a new record above US$80,000. The world’s largest cryptocurrency surged in the run-up to Tuesday’s US presidential election, rose sharply immediately on election night after it became clear Donald Trump would win and has continued rising in the days since his victory.
The outfield lights at a baseball stadium in Cuba proved to be little match for Hurricane Rafael’s extreme wind.
Murray Sinclair’s family members say the late justice and senator has been laid to rest according to his wishes.
Canada's ambassador to the United States — and co-lead of the federal government's Team Canada war room — says U.S. president-elect Donald Trump has a different understanding of the bilateral relationship than he did during his first term in the White House.
NDP Leader Jagmeet Singh has thrown his weight behind a campaign fighting for better work rights for Kal Tire employees, joining a picket line of workers in Burnaby Saturday morning.
Just five more minutes of exercise doesn’t sound so bad, right? Especially when such a small amount may improve your blood pressure, according to a new study.
Researchers say taking a peek inside a person's brain is as difficult as understanding the universe or discovering the ocean in its entirety.
B.C. health officials say they have detected Canada's first-ever case of H5 avian influenza in a human.
Bernadett 'Bett'” Szabó, a 19-year-old Hungarian sex worker, was murdered in the Dutch capital in 2009. Now, more than 15 years after her death, police are hoping to uncover new information about her killing.
In 1916, Harold Wrong plucked a flower from the fields of Somme, France and tucked it into a letter he mailed home to Toronto. For decades, the type of flower sent remained a mystery.
Elwood Edwards, who voiced America Online’s ever-present 'You’ve got mail' greeting, has died Tuesday at his home in New Bern, N. C. He was 74.
Chu shared on his Instagram Stories that he and his wife Kristin Hodge welcomed their fifth child on Saturday, writing that he “can’t believe this happened while the movie is premiering.”
On Thursday morning, Dave Penny officially ended a suggested hundred-day isolation period that followed his diagnosis and stem cell treatment for non-Hodgkin's Lymphoma. On Thursday night, Penny returned to a stage at a downtown St. John's bar, regaling a small crowd with songs and stories with a distinctive Newfoundland flair.
The first 'Saturday Night Live' since Donald Trump's election victory began with the most somber of tones as a group of plainly dressed cast members, primarily women and minorities, described their new reality.
Shannon Davidson was let go from her executive role at a marketing firm last year after a merger led to cuts. She knew she wasn't done with her career yet, but finding her next workplace in her mid-50s was a daunting prospect.
Bitcoin on Sunday hit a new record above US$80,000. The world’s largest cryptocurrency surged in the run-up to Tuesday’s US presidential election, rose sharply immediately on election night after it became clear Donald Trump would win and has continued rising in the days since his victory.
Contract negotiations resume today in Vancouver in a labour dispute that has paralyzed container cargo shipping at British Columbia's ports since Monday.
Doom spending, or the practice of spending money to soothe fears about broader issues like politics or the economy, shows up everywhere from YouTube and TikTok videos to Reddit to personal finance discussions and data in surveys.
A Vancouver designer is making waves in the architectural world with an outdoor modular building created to address the city’s unrelenting housing crisis.
A rare letter signed by three of the U.S. Founding Fathers of the United States is going on sale, and is expected to fetch up to US$1 million when it goes under the hammer next week.\
The Edmonton Oilers may have found the break they were looking for.
No. 15 LSU has been criticized for unveiling a live caged tiger in its stadium for the first time in almost a decade before they were routed 42-13 by No. 11 Alabama in their SEC showdown.
A Maui man who lost a part of his leg to a shark bite is now out of the hospital and thanking those who saved his life and helped him recover.
Select Porsche owners in Canada have been told to stop driving their cars immediately and to seek repairs after an issue was identified that could cause wheels to separate from vehicles.
A driver's trip from London, Ont. to Ottawa to visit their girlfriend ended in a traffic stop for speeding on Highway 417, according to police.
Recall notices have been issued for some Volkswagen models from 2006 to 2019 for airbag safety issues.
A congestion crisis, a traffic nightmare, or unrelenting gridlock -- whatever you call it, most agree that Toronto has a congestion problem. To alleviate some of the gridlock, the Ontario government has announced it plans to remove bike lanes from three major roadways.
For the second year in a row, the ‘Gift-a-Family’ campaign is hoping to make the holidays happier for children and families in need throughout Barrie.
Some of the most prolific photographers behind CTV Skywatch Pics of the Day use the medium for fun, therapy, and connection.
A young family from Codroy Valley, N.L., is happy to be on land and resting with their newborn daughter, Miley, after an overwhelming, yet exciting experience at sea.
As Connor Nijsse prepared to remove some old drywall during his garage renovation, he feared the worst.
A group of women in Chester, N.S., has been busy on the weekends making quilts – not for themselves, but for those in need.
A Vancouver artist whose streetside singing led to a chance encounter with one of the world's biggest musicians is encouraging aspiring performers to try their hand at busking.
Ten-thousand hand-knit poppies were taken from the Sanctuary Arts Centre and displayed on the fence surrounding the Dartmouth Cenotaph on Monday.
A Vancouver man is saying goodbye to his nine-to-five and embarking on a road trip from the Canadian Arctic to Antarctica.
Contract negotiations in a labour dispute that has paralyzed container cargo shipping at British Columbia's ports since Monday have been called off.
Mounties on Vancouver Island are out with a warning about a "concerning" scam that has recently targeted several victims.
A Vancouver designer is making waves in the architectural world with an outdoor modular building created to address the city’s unrelenting housing crisis.
Taylor Swift’s Eras Tour is coming to Toronto this month and will likely be the most commercially successful concert series the city has ever seen.
Patrons were inside a movie theatre when a suspect fired bullets at the business’ doors on Saturday night, before the cinema was shot at again hours later in a second incident, police say.
A weapon that posed a “significant concern” for public safety, with photos allegedly shared across social media, has been confiscated from a Hamilton encampment.
A pair of 105-mm howitzers bark constantly as they turn plywood tank targets into kindling kilometres away on the windswept landscape of one of Canada's largest military bases.
On Saturday the City of Calgary held the first of three open houses seeking public input regarding the the intersection and roadways of Sarcee Trail and Bow Trail S.W.
Murray Sinclair’s family members say the late justice and senator has been laid to rest according to his wishes.
Three people, including an eight-month-old have died after a two-vehicle collision on Highway 401 in eastern Ontario Saturday afternoon, according to the Ontario provincial Police (OPP).
A stabbing incident that happened in the early hours of Sunday morning in the ByWard Market has seriously injured two individuals, according to the Ottawa Paramedic Service.
Firefighters and police are at the scene of a crash involving a pickup truck on Highway 174 on Sunday afternoon.
Researchers say taking a peek inside a person's brain is as difficult as understanding the universe or discovering the ocean in its entirety.
It's a century-old tradition that's carried on year after year with pride – we wear a poppy to honour our nation's veterans. But to retired lieutenant-colonel Henry F. Hall it's so much more.
Montreal police say a car was set on fire overnight Sunday in Montreal's Pointe-aux-Trembles area.
The Edmonton Oilers may have found the break they were looking for.
An investigation is underway in relation to an armed robbery that took place Thursday night in Wabasca, Alta.
A boy is in hospital after being stabbed at a McDonald's in Beaumaris on Friday.
Here’s what’s opened and closed across the Maritimes on Remembrance Day.
The Royal Canadian Legion Weymouth Branch 67 Remembrance Day ceremony will display its new basement, accessible doors and other upgrades thanks to community support.
It's been a trip to cherish for a group of Canadians visiting Belgium this week to honour the legacy of Indigenous soldiers.
Murray Sinclair’s family members say the late justice and senator has been laid to rest according to his wishes.
Winnipeg police have identified two men involved in a stabbing incident earlier this week.
The Winnipeg Blue Bombers whipped the Saskatchewan Roughriders 38-22 in Saturday's CFL West Division final to earn their fifth consecutive trip to the Grey Cup.
The Saskatchewan Roughriders extended their Grey Cup drought to 11 years after losing 38-22 to the Winnipeg Blue Bombers in the CFL’s Western Final on Saturday.
The final round of ballots from Saskatchewan’s provincial election were tallied on Saturday, and a race that was previously too close to call has officially been declared.
Urban municipalities across southern Saskatchewan are preparing for their civic elections on November 13.
A man has been charged after a stabbing at an apartment building in Kitchener.
The Guelph Police Service is putting out a warning after two deaths in the downtown area.
A Kitchener woman is facing multiple charges after a concerned citizen called in a potentially impaired driver.
The Saskatchewan Roughriders extended their Grey Cup drought to 11 years after losing 38-22 to the Winnipeg Blue Bombers in the CFL’s Western Final on Saturday.
The Regina Rams claimed the Hardy Cup after a hard fought battle against the Saskatoon Huskies 19-14 on Saturday in the first all Saskatchewan U-Sports western conference final since 2002.
Elections Saskatchewan completed the final step in the vote counting process from the provincial election on Saturday.
CTVNewsNorthernOntario.ca is livestreaming the annual Remembrance Day ceremony at the Sudbury Community Arena starting Monday at 10:30 a.m.
Donald Trump has said he wouldn’t be a dictator — 'except for Day 1.' According to his own statements, he's got a lot to do on that first day in the White House.
Police have arrested a 15-year-old in connection with a break-in and $50,000 in damage done to the Centennial Arena in Elliot Lake in September.
Three people were taken to hospital after a plane crashed in the Municipality of Southwest Middlesex.
London Knights Logan Hawery and Caleb Mitchell are returning from the U17 World Hockey Challenge with gold medals around their necks.
Donald Trump has said he wouldn’t be a dictator — 'except for Day 1.' According to his own statements, he's got a lot to do on that first day in the White House.
Crews responded to an overnight porch fire at a residence in Orillia, where all occupants managed to escape without injury.
OPP are investigating a Saturday evening incident in Caledon that resulted in one death.
The Southeast Asian Association of Simcoe County (SAASC) hosted a special gala for Diwali in Barrie Saturday evening, celebrating the Hindu Festival of Lights with a Diya lighting ceremony at General John Hayter Southshore Community Centre.
One person has been arrested after Chatham-Kent Police Service (CKPS) received multiple complaints about an alleged drunk driver.
An individual is dead following a collision involving a motorcycle in Kingsville.
Donald Trump has said he wouldn’t be a dictator — 'except for Day 1.' According to his own statements, he's got a lot to do on that first day in the White House.
Contract negotiations in a labour dispute that has paralyzed container cargo shipping at British Columbia's ports since Monday have been called off.
Mounties on Vancouver Island are out with a warning about a "concerning" scam that has recently targeted several victims.
B.C. health officials say they have detected Canada's first-ever case of H5 avian influenza in a human.
The emergency department at South Okanagan General Hospital in Oliver, B.C., will be closed for 31 hours this weekend, the second such closure in a week and the third since the start of November.
Police in Kamloops, B.C., are reminding parents and guardians to check their children's Halloween candy after receiving a report of a mother finding a razor blade in one of her daughter's treats.
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.
The Southern Alberta Recreation Association is officially announcing the Town of Taber as next year’s host for the Southern Alberta Summer Games.
The Lethbridge Hurricanes broke open a close game with three goals in the first two minutes of the third period as they defeated the Warriors 7-3 in a game played Friday night in Moose Jaw.
There might not a lot snow just yet, but many southern Albertans are still itching to get outdoors.
Police have arrested a 15-year-old in connection with a break-in and $50,000 in damage done to the Centennial Arena in Elliot Lake in September.
Mayors of the five largest cities in northern Ontario met in North Bay the last two days to discuss a range of critical issues impacting their cities and the region.
Residents in the Sault expressed concerns ranging from vandalism to privacy invasions during recent consultations on the city's plan to install automated speed enforcement cameras.
Police in Newfoundland say a man was electrocuted Saturday by a downed power wire about 10 kilometres north of St. John's, N.L.
On Thursday morning, Dave Penny officially ended a suggested hundred-day isolation period that followed his diagnosis and stem cell treatment for non-Hodgkin's Lymphoma. On Thursday night, Penny returned to a stage at a downtown St. John's bar, regaling a small crowd with songs and stories with a distinctive Newfoundland flair.
A Memorial University scientist says the mysterious white blobs washing up on Newfoundland beaches are actually gobs of plastic -- and they need to be cleaned up.
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