Thank you.
I think, if we look back to February 24 last year, the prediction of Ukraine's economy was very hard to do, even by the brightest economic minds all over the world. When we saw the estimates of how the Ukrainian economy would perform in the spring of last year, many of them were too pessimistic. The result of the last year and the result of the microeconomic situation in Ukraine this year are better than the expectations, and there are several reasons.
First of all, we value the financial support that our allies are providing to Ukraine, because over 50% of all the Ukrainian budget, which is all the revenue we are collecting as a country through taxes and other government services, is linked to supporting our defence sector and to supporting our soldiers, who are fighting for our country. The support that Canada provides us in the form of loans is important to help support the people of Ukraine and for the ability of the country to move on.
Second, as we look at the facts, for the first time in history, the country, which is actively fighting its aggressor, got the four-year program with IMF. That is also a strong signal of the commitment of the Ukrainian government to further move on the path of reforms, and it's an important anchor for the microeconomic stabilization of the country.
The third important thing that I would reiterate is yesterday's decision and recommendation of the EU council to start the negotiations for the EU accession of Ukraine. It is historic that Ukraine has demonstrated that all of the seven political preconditions to this decision have been met. It really means implementing reforms, including in the sector of justice and in the sector of building transparency in the economy.
The fourth important thing is about the economic resistance in Ukraine itself. It is the strong voice of Ukrainian businesses that are not leaving the country and that are continuing to invest. It is the strong voice of those companies, including Canadian companies, that are continuing to work in Ukraine during the war. Canadian companies continue to invest and to increase their investments in Ukraine. This is the signal of the economic resistance of Ukraine's economy.
As well, the modernization of CUFTA is the agreement of opportunities, opportunities to increase economic co-operation and bilateral business ties. Also, it is a strong signal for many companies around the world that Ukraine and Canada are able, during wartime, to negotiate the modern free trade agreement. It sends a signal to companies that there is a framework and there is the infrastructure to work in areas of mutual interest, to create new jobs, to support exports and to support the economy of both countries.
Thank you.