AKIPRESS.COM - Minister of Foreign Affairs of Canada John Baird announced Canada will provide Ukraine with $220 million to assist restoration of economic stability to the country, CBCnews reported yesterday.

The Canadian Government deems the Crimea's referendum on March 16 an “illegitimate stunt” and will not recognize Sunday's referendum results, Mr. Baird said. “We condemned and continue to condemn in the strongest of terms Russia's provocative and illegal military occupation of Crimea.”

The majority of Canada's financial support, $200 million, will be conditional on the establishment of a broader package by the International Monetary Fund (IMF).

The other $20 million will be implemented by the IMF to ensure the Government of Ukraine receives the expert guidance it needs to manage its economic transition.

Canada will also provide $900,000 to have the IMF provide Ukraine with the technical assistance it needs to strengthen its national bank.

John Baird said although Ukraine appears to have enough money to stay afloat for a few more months, Canada wants to do everything it can to help stabilize its finances.