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US backs Ukraine's bid for $ 693 m IMF loan
HELSINKI. Feb 9: The United States has agreed to support Ukrainian President Leonid Kuchma's bld for a 693 million dollars loan from the International Monetary Fund, says AP
Underscoring Ukraine s Bood relations with the nited States. Kuchma will also will visit President Clinton on Feb 21 and meet with other top officials.
We are supporting them In their reform efforts," Christopher said Thursday. "We will be supporting them in connection with the IMF." Kuchma's commitment to transforming the Ukrainian economy to free market principles while also bringing down inflation is one reason for the good ties with the United States.
Also Ukraine's rapid elimination of its nuclear arsenal, once the fourth-iargest in the world, has bolstered his standing with the Clinton sdmintatration.
Kuchma met here with Secretary of State Warren Christopher almost by accident. The Ukrainian preai-dent was making a state visit to Finland that coincided with Christopher s tow-day stop here to see Russian For eign Minister Yevgeny M Primakov.
Kuchma wound up with a Invitation to meet with Clinton and Vice President Al Gore In Washington, and Christopher will stop In Kiev on a trip to Moscow in mid-March.
Kuchma set aside 35 minutes for Christopher Thursday and they spent moat of
the time bn Ukraine a difficult transformation to a free-market economy and its rapid disposal of nuclear weapons.
"We have very high regard for him and his courage," Christopher said as they met at a Finnish government iiuest house Thursday. "He's moved his country very much In the direction of economic reform. We want to be of help."
The last of Ukraine's 176 long-range missiles are due to be shipped to Russia for / dismantling in May or June/ US officials said.
Kuchma is sending his top rconomists. including Roman Shpek. to Washington next week to try to persuade the International Monetary Fund to release 693 million dollars tn credit. Ukraine already haa received 800 million dollars.
Kuchma has brought inflation down to 11 or 12 per cent a month since his election in July 1994, an# Ukraine is receiving 225 mik lion dollars in economic aay^ distance from the Uniteff-’ States this fiscal year.
The IMF wants evidence that Kuchma, once the director of the largest ballistic missile factory In the former Soviet Union, is on a steady economic courae. He haa pledged to privatise three-quarters of state-owned property by 1997 and to llb-eraHae trade. He haa already reduced restrictions on "RL. has brought hardships to subsidise metallur-gical and coal mining indua-tries fn eastern Ukraine.