Canadian Prime Minister Mark Carney announced Saturday that Canada will provide $2.5 billion in new economic assistance to Ukraine, underscoring Ottawa’s continued support as Kyiv confronts ongoing Russian attacks and begins planning for long-term reconstruction.

Carney made the pledge during a meeting with Ukrainian President Volodymyr Zelenskyy, held against the backdrop of renewed Russian strikes on Kyiv.

He later reiterated the commitment during a public press gaggle, framing the funding as both an immediate show of solidarity and a strategic investment in Ukraine’s future.

"The attack on Kyiv shows just how important it is that we stand with Ukraine during this difficult time," Carney said in Halifax ahead of peace talks hosted by the U.S. "And that we create the conditions for this just and lasting peace and a true reconstruction," he added.

According to Carney, the $2.5 billion package is designed to do more than provide direct aid.

The funding is structured to help unlock additional financing from major international institutions, including the International Monetary Fund, the World Bank, and the European Bank for Reconstruction and Development.

"This is $2.5 billion worth of economic assistance that helps unlock financing from the IMF, from the World Bank, and from the European Bank for Reconstruction and Development to begin this process of rebuilding," Carney said.

The prime minister also emphasized that Canada’s support for Ukraine has not been limited to economic measures.

He noted that Ottawa has delivered additional military assistance in recent weeks, reinforcing Canada’s role as one of Ukraine’s most consistent Western backers since Russia’s invasion.

Beyond the immediate financial announcement, Carney praised Zelenskyy’s leadership and highlighted what he described as emerging prospects for long-term stability and growth in Ukraine.

"I want to underscore something that has happened in recent weeks," Carney said.

"The development of that possibility under your leadership, and also the prospect of true prosperity for the Ukrainian people," he said.

The meetings come as Ukraine works to balance battlefield demands with planning for post-war recovery, even as fighting continues.

Reconstruction estimates from international bodies already run into the hundreds of billions of dollars, making coordination among allies and financial institutions critical.

Carney said Saturday’s discussions were only part of a broader diplomatic effort.

In addition to the bilateral meeting with Zelenskyy, he confirmed plans for a virtual meeting with international partners.

"We have an important bilateral meeting and then a meeting virtually with our colleagues from the coalition of the willing," Carney said.

Russia attacked Kyiv and other parts of Ukraine with hundreds of missiles and drones on Saturday, ahead of what Zelenskyy said would be a crucial meeting with U.S. President Donald Trump to work out a plan to end nearly four years of war. 

Zelenskyy cast the vast overnight attack, which he said involved about 500 drones and 40 missiles and knocked out power and heat in parts of the capital, as Russia's response to the ongoing peace efforts brokered by Washington.