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Ukraine, U.S. sign fresh loan guarantee deal

Xinhua, June 3, 2016 Adjust font size:

Ukraine has signed an agreement with the U.S. government under which Washington will provide Kiev with 1 billion U.S. dollars of fresh credit guarantee, the Ukrainian Finance Ministry said on Friday.

"These funds will be used for social aid to the most vulnerable citizens to protect them against economic impacts, including the adjusted gas prices," the ministry said in a statement posted on its website.

The loan in the form of Eurobonds has a repayment period of five years and carries an annual interest rate of no more than 2 percent, according to the statement.

The credit, which is aimed at furthering economic reforms in Ukraine, is part of a broader international financial package designed to support the recovery of the country's cash-strapped economy, it said.

Under the package, Kiev expects to receive up to 40 billion dollars from international creditors by 2019.

In the past two years, Ukraine has obtained a total of 2 billion dollars in loan guarantees from the United States and has used the funds to implement its reform programs. Endi