US Pledges $1 Billion in Aid to Ukraine

Tuesday, 04 Mar 2014 12:53 PM

By Drew MacKenzie

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The Obama administration has pledged $1 billion in loan guarantees to Ukraine as Secretary of State John Kerry arrived in the strife-torn country, the Wall Street Journal reported.

The financial assistance was seen as an attempt by the United States to show solidarity with Ukraine, which has had its Crimea region invaded by Russian forces following the overthrow last month of pro-Russian President Viktor Yanukovych.

Treasury Secretary Jacob Lew said, "The United States is prepared to work with its bilateral and multilateral partners to provide as much support as Ukraine needs to restore financial stability and return to economic growth if the new government implements the necessary reforms."

The money was expected to shore up the country’s troubled economy and to help Ukraine finance purchases of energy imports while the former Soviet republic seeks a larger bailout from the International Monetary Fund.

A senior administration official with Kerry told the Journal, "You're seeing already a response from the United States that is isolating Russia politically and diplomatically and offering strong support for the new Ukrainian government."

American technical experts will be sent to Ukraine to help sort out the country's growing financial and energy problems, sources said. U.S. advisers will also help Kiev uncover assets believed to have been stolen by Yanukovych's government.

The Journal also reported that experts will also be sent to help Ukraine prepare for its May 25 general elections.

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