Canada is ready to provide Ukraine with financial assistance to restore its economy and stabilize the social and political situation in the country, according to a posting on the official Web site of Canadian Prime Minister Stephen Harper.

"The support will help the new government of Ukraine stabilize its economy and deliver programming consistent with Canadian development priorities. It will also ensure that the government of Ukraine receives the expert guidance and advisory support it needs to manage its economic transition, and will help enhance the capacity of the National Bank of Ukraine to undertake banking and financial sector reforms," he said.

Any financial support provided by Canada will include the necessary safeguards and conditions to ensure accountability and transparency around the use of those funds, reads the report.

Canadian Foreign Affairs Minister John Baird told journalists at a conference in Ottawa that the amount of the proposed financial assistance would be $220 million.

He also noted that it would not be any particular transfer.

"Doubtless we have to work with the International Monetary Fund (IMF) and monitor how these funds will be used. Our main task is to stabilize the economic and political situation in Ukraine," he said.