US promises Ukraine another $50m to fund economic reforms

23 Apr 14
The US has pledged an additional $50m assistance package to Ukraine’s beleaguered government implement economic and political reforms

US Vice President Joe Biden met with Ukrainian leaders in Kyiv on Tuesday in a bid to show solidarity and strengthen its partnership with the country’s interim government ahead of next month’s elections. He told Ukrainian MPs that US support for Ukraine was an urgent priority. 

Ukraine has already received a $1bn loan guarantee from the US, an $18bn loan from the International Monetary Fund and €11bn in aid from the European Commission.

The White House said that, in the coming weeks, public debt management and macroeconomic advisors would be deployed to Kyiv as part of the US assistance programme. There are currently banking advisors in Kyiv and the US is also to provide technical assistance in the areas of budget and tax administration. 

‘As these US, IMF and European funds begin to flow, we will have technical experts from the US Treasury department on the ground to the Ukrainian government allocate them effectively to stabilise the economy and ensure all the regions benefit.’ 

The US package also includes a commitment to Ukraine tackle corruption, which the White House said was an impediment to economic growth and damaged on public trust in government. 

To that effect, the US will provide advice and assistance to modernise Ukraine’s government procurement in accordance with international standards, including the creation of a vetted anti-corruption unit. 

‘Specialist teams of prosecutors and investigators will the Ukrainian government with other forms of technical assistance to put in place the proper legal and regulatory framework to fight corruption,’ said the White House. 

‘The teams will also serve as a resource to ensure follow-through and effective implementation.’

Of the $50m, $11.4m will be used conduct the May 25 presidential elections, including efforts to educate voters and ensure transparency in the administration and oversight of the poll. 

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