Statement of Secretary Lew about the IMF-Ukraine Preliminary Agreement on an Aid Program

Statement

"Today's announcement is very welcome news for Ukraine and the international community. The United States has long called for substantial and exceptional financing for Ukraine to back a meaningful reform program. This program is critical to helping Ukraine continue on its path to economic and financial stability, integrating Ukraine as a market-led economy in the global system, and lessening the country's dependence and vulnerability to outside influence.

"This program highlights the leading role that the International Monetary Fund (IMF) is playing in forging the international community's response to the very difficult economic situation in Ukraine, a role the international community has asked the IMF to play. The United States has an essential responsibility to lead the international effort to back Ukraine's reforms, a process that the IMF will manage over several years.

"Congress' failure to pass legislation to implement the 2010 IMF quota reform is blocking the international effort to put the Fund's finances on a more stable long term footing and limits the tools available for Ukraine. It is important that the United States demonstrate its leadership role in the IMF, especially at a time when the world faces geopolitical risk.

"We remain committed to providing the IMF with the resources it needs and to working with Ukraine as it embarks on a path toward economic and financial stability."

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