U.S.-Ukraine Economic and Finance Working Group
Media Note
Office of the Spokesperson
Washington, DC
April 12, 2014
________________________________________
Yesterday, Under Secretary of State for Economic Growth, Energy and the Environment Catherine Novelli met with Ukrainian
Central Bank Governor Stepan Kubiv, Minister of Finance Oleksandr Shlapak, and Minister of Economic Development and
Trade Pavlo Sheremeta to discuss a range of strategic and economic issues. Under Secretary Novelli and the Ukrainian
delegation were joined by senior U.S. officials from the National Security Council, the U.S. Department of the Treasury,
the Office of the United States Trade Representative, the U.S. Agency for International Development, the U.S. Trade and
Development Agency (TDA), the Export-Import Bank (Ex-Im Bank) of the United States, the Overseas Private Investment
Corporation (OPIC), and the U.S. Department of Commerce.
The working group discussed ways of moving President Obama and Prime Minister Yatsenyuk’s economic agenda forward,
focusing on U.S. assistance efforts, increasing bilateral trade and investment flows, combating corruption, and carrying
out economic reforms. Under Secretary Novelli commended Ministers Kubiv, Sheremeta, and Shlapak for the reforms the
Ukrainian Government and parliament had already begun, citing the Rada’s recent passage of the two anti-corruption
measures, an information law, and a procurement law, all demonstrating to the international community Ukraine’s
commitment to reform.
Under Secretary Novelli and Minister Sheremeta then discussed Ukraine’s IMF Program and the U.S. Government’s recently
approved $1 billion loan guarantee program. In the context of these programs, both sides agreed to re-double efforts to
get the Ukrainian economy on stable footing while implementing policies to establish the rule of law, transparency, and
good procurement practices.
The two sides then reviewed ways in which the Ukrainian Government could improve Ukraine’s business environment in order
to attract greater U.S. and global investment. Highlights of that discussion included the U.S. Department of Commerce’s
efforts to organize a “Business Summit,” chaired by Secretary of Commerce Penny Pritzker, as well as OPIC President and
CEO Elizabeth Littlefield’s description of OPIC programs and projects to mitigate risk. Director of the U.S. Trade and
Development Agency Leocadia Zak and Ex-Im Bank Chief Banking Officer and Senior Vice President of Export Finance Claudia
Slacik also outlined an extensive set of tools and mechanisms within the U.S. Government that might help increase
project financing and development, and accelerate private sector partnership creation.
Lastly, participants discussed trade issues, with Minister Sheremeta outlining Ukraine’s proposed one-way preferential
access to the EU market starting May 1, and Deputy Assistant U.S. Trade Representative Betsy Hafner proposing various
ways in which Ukraine and the United States might cooperate more closely on trade.
ENDS