US signs $1.3 bn loan guarantee for Ukraine

US signs $1.3 bn loan guarantee for Ukraine
US Treasury Secretary Jacob Lew(Seated-L) and Ukrainian Finance Minister Oleksandr Shlapak(Seated-R) speak before signing a loan agreement between the two countries during ceremonies April 14, 2014 at the Treasury Department in Washington, DC.

WASHINGTON - The United States on Monday signed a $1 billion loan guarantee for Ukraine, part of an aid package to support the country's economic recovery after weeks of political upheaval and the loss of Crimea to Russia.

"The Ukrainian people have demonstrated tremendous courage as they have charted an independent course for their country and demanded a government that truly reflects the will of the people," US Treasury Secretary Jacob Lew said in a statement.

"The United States has been at the forefront of building international support for Ukraine, and holding Russia accountable for its violation of Ukrainian sovereignty and destabilizing action."

Lew announced the signing after meeting Ukrainian Finance Minister Oleksandr Shlapak in Washington.

The loan guarantee will reinforce the Ukrainian government's efforts to provide critical services as it implements reforms, while protecting the most vulnerable households from the impact of the necessary economic adjustment, Lew said.

Lew praised the work of Shlapak and his team in setting up a comprehensive economic reform program together with the International Monetary Fund.

"The United States very much wants to see Ukraine prosper, and we will continue to stand with the Ukrainian people as they move forward to realize their long-held aspirations."

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