ELMSDALE: The MP for Kings-Hants said Canada’s newly announced $2.5-billion commitment to Ukraine is being widely misunderstood and should not be viewed as direct cash being sent overseas.
The funding was announced Saturday in Halifax by Prime Minister Mark Carney alongside the President of Ukraine, Volodymyr Zelenskyy.
Kody Blois told The Laker News the full amount is made up of loan guarantees and financial support mechanisms, not grants.
“None of it is what I would call grant money,” Blois said. “It is loan guarantees that allow international financial institutions to continue lending to Ukraine.”
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Under the arrangement, Canada would only be financially impacted if Ukraine were to default on those loans.
“It really only impacts us if Ukraine defaults,” Blois said.
Blois acknowledged that the announcement comes at a time when many Canadians are struggling with affordability and cost-of-living pressures.
“People look at that number and say, ‘I’m struggling to get by — why are we sending money outside the country?’” he said.
Blois argued the funding must be viewed through a national security lens, describing Russia’s invasion of Ukraine as part of a broader pattern of aggression.
“There are clear parallels to the late 1930s,” he said. “The question is whether aggression is resisted or allowed to spread.”
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He noted Russia is a direct neighbour of Canada through the Arctic and has been clear it would not stop at Ukraine.
“If a NATO country is attacked, Canada would be expected to respond,” he said. “This is a down payment on Canada’s own security.”
While Canada’s total support for Ukraine now exceeds $40 billion, Blois said the figure needs to be put in context.
“On an annual federal budget that exceeds $500 billion, it represents less than two per cent,” he said.
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Blois rejected the idea that supporting Ukraine comes at the expense of domestic priorities, pointing to Canada’s $81-billion investment over five years to re-equip and support the Canadian Armed Forces.
“We can walk and chew gum at the same time,” he said.
“We can invest in Canadians at home while also supporting international stability.”
He added that Canada is not acting alone, noting that the United States, European allies, and other NATO partners are also contributing to Ukraine’s defence.
“The alternative is a much more dangerous and costly scenario,” he said, warning that unchecked aggression could ultimately draw Canada into a wider conflict.
