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Statement by G-7 Finance Ministers on Economic Support for Ukraine(March 3, 2014)

   We are closely monitoring the situation in Ukraine. The transition to a new government in Ukraine offers a unique opportunity to put in place urgently needed market-oriented reforms that will restore financial stability, unleash economic potential, and allow Ukraine's people to better achieve their economic aspirations. We are united in our commitment to provide strong financial backing to Ukraine. In particular, we agree that the International Monetary Fund (IMF) remains the institution best prepared to help Ukraine address its immediate economic challenges through policy advice and financing, conditioned on needed reforms. We are pleased that the IMF is sending this week a team to Ukraine to begin technical and policy discussions with the Ukrainian authorities and welcome the Managing Director's statement. IMF support will be critical in unlocking additional assistance from the World Bank, other international financial institutions, the EU, and bilateral sources. We are also committed to mobilize rapid technical assistance to support Ukraine in addressing its macroeconomic, regulatory, and anti-corruption challenges. We welcome the participation of other concerned members of the international community.