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U.S. To Move Forward With $1 Billion Loan Guarantee For Ukraine

The United States applauded Ukraine's appointment of Prosecutor-General Yuriy Lutsenko (left), a close ally of President Petro Poroshenko (right).

U.S. Vice President Joe Biden has told Ukrainian President Petro Poroshenko that the United States will move forward with a third loan guarantee agreement to support reforms against corruption.

The United States promised the third $1 billion loan guarantee in November but made it contingent on progress in Ukraine on reforming the economy and fighting corruption.

The White House said on May 13 that Biden spoke by phone with Poroshenko and welcomed "an important first step to bringing much needed reform" with the appointment of a new prosecutor-general in Ukraine.

Ukrainian lawmakers on May 12 appointed Yuriy Lutsenko, a close ally of Poroshenko, to the position.

Biden also spoke with Ukraine's new Prime Minister Volodymyr Groysman, who pledged to maintain the momentum of reform with a focus on fulfilling commitments to the International Monetary Fund, the White House said.

The IMF recently signaled that it too may soon move forward with its $17.5 billion loan program for Ukraine, which was suspended during the political crisis in Kyiv.

Based on reporting by Reuters and Interfax