US Endorses IMF Financial Aid Package for Ukraine – Treasury Secretary

US Treasury Secretary Jacob Lew said that the US welcomed the agreement reached between the IMF and Ukraine and would support Ukraine financially to help Kiev implement critical economic, governmental and legal reforms.

WASHINGTON (Sputnik) — The United States hailed the new financial aid agreement the IMF finalized with Ukraine that will also help Kiev implement critical economic, governmental and legal reforms, US Treasury Secretary Jacob Lew said in a press release.

“The United States welcomes the agreement reached between the IMF and Ukraine today. Alongside financial assistance from the United States and other partners, this program will provide support that is essential to helping Ukraine in its continued efforts to restore economic stability, pursue urgently needed economic reforms, strengthen governance and the rule of law,” Lew said on Thursday.

Lew described the IMF deal as “ambitious” and reinforced the US commitment to “ensuring that Ukraine has the financial and technical assistance it needs, as it undertakes its far-reaching reform program.”

On Thursday, the IMF and Kiev reached a preliminary agreement on a $17.5 billion four-year-program to help Ukraine recover from the economic crisis, according to IMF Chief Christine Lagarde. The program is part of a $40-billion package that, if approved, would be Ukraine’s fourth IMF bailout in 10 years.

In spring 2014, the IMF promised Kiev $17 billion in bailout loans to be paid over the course of two years, while several Western countries also allocated funds to help Ukraine rebuild its economy and enact necessary structural reforms.