US welcomes preliminary agreement between Ukraine and IMF
The United States welcomes the preliminary agreement between Ukraine and the IMF on a loan program of $14-18 billion and urges both sides to complete the steps necessary to gain approval from the IMF Executive Board.
A statement released by the White House on Thursday notes that the agreement reached is "a powerful sign of support from the international community for the Ukrainian government, as we help them stabilize and grow their economy, and move their democracy forward."
In this regard, the White House expressed expectation that the agreement would unlock roughly $27 billion in total support from the international community for Ukraine's people over the next two years, as the country implements historic reforms "to address long-standing problems that have undermined Ukraine's economic strength and prosperity."
"It is important now for both the government of Ukraine and the IMF to move expeditiously and complete the steps necessary to gain approval from the IMF Executive Board," reads the statement.
In addition, the White House said that "together with our allies and partners, President Obama will continue to build international support for the Ukrainian people at this critical time."
"The IMF program will be a central component of a package of assistance to support Ukraine as it implements reforms and conducts free and fair elections that will allow all the Ukrainian people to determine the future of their country," reads the statement.
The White House also noted that it was currently "working alongside international partners, including the World Bank and the European Bank for Reconstruction and Development (EBRD), to disburse rapid additional assistance to complement the IMF program and ease Ukraine's economic transition, particularly for the most vulnerable."
"As part of this international effort, we are working with Congress to quickly provide a $1 billion loan guarantee and are offering technical and financial assistance to help Ukraine meet its most pressing needs," the White House said.