US offers additional $1 billion in loan guarantees for Ukraine

Visiting US Secretary of Commerce Penny Pritzker said here on Monday that Washington is planning to provide an additional $1 billion in credit guarantees to Ukraine in the near future.

"I am pleased to announce that the US President and the Congress intend to move forward with the third $1 billion loan guarantee for Ukraine in the coming months," Pritzker said at a joint media briefing with Ukrainian President Petro Poroshenko after their meeting, Xinhua reported.

The new credit will be used to facilitate implementation of reforms in Ukraine, which are aimed at improving the country's investment climate and laying grounds for returning to economic growth, Pritzker said.

Poroshenko appreciated political support and financial help of the US in dealing with the ongoing crisis in Ukraine.

"The US assistance in the implementation of reforms in Ukraine is a key for our cooperation," Poroshenko said.

Since May 2014, the US provided $2 billion in loan guarantees for Ukraine to help the East European economy stay afloat amid its worst financial crisis in decades.

The funding was a part of a broader international financial package of about $40 billion designed to help Ukraine to carry out deep reforms and emerge from crisis over the next four years.