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U.S. Department of State Office of the Spokesman Press Statement

Press Statement by James B. Foley, Deputy Spokesman
February 19, 1999

Ukraine: Certification

Secretary Albright reported to Congress on February 18 that Ukraine had made sufficient progress on economic reforms, including the resolution of U.S. investor complaints, to warrant release of all $195 million in FREEDOM Support Act assistance to Ukraine for FY 1999. Congress had conditioned roughly $72 million of this assistance on the Secretary reporting such progress by February 18. In her report, the Secretary cited a number of significant reform steps, particularly in the implementation of commitments made as part of Ukraine's EFF (Extended Fund Facility) negotiations with the IMF. Fiscal reform is especially important, and Ukraine's efforts in this regard are noteworthy. The Secretary also noted the resolution of several U.S. investor complaints, as well as forward movement on a number of other problems of concern to U.S. and other investors.

This Administration and the Congress remain very concerned about the uneven pace of reform and the difficult investment climate in Ukraine. We continue to urge the Government of Ukraine to accelerate the market reform process and improve the climate for foreign investors by resolving remaining disputes.

The U.S. places a high priority on Ukraine's success as a market, democratic state fully integrated into the Euro-Atlantic community. The U.S. will remain actively engaged with Ukraine to push this reform agenda, including resolving outstanding U.S. investor complaints.

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