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THE WHITE HOUSE

Office of the Vice President

For Immediate Release July 31, 1998

                   STATEMENT BY VICE PRESIDENT GORE 
               ON IMF EXTENDED FUND FACILITY FOR UKRAINE

I am greatly encouraged by today's announcement in Kiev that Ukraine will initiate a new economic reform program to be supported by a three-year, $2.2 billion IMF Extended Fund Facility.

Last week, during my visit to Ukraine for a meeting of the U.S.-Ukraine Binational Commission, President Kuchma affirmed his country's commitment to a strong program of economic reform. These reforms announced today represent the only sure path to growth and prosperity, and I am pleased that the leadership of the Ukrainian parliament supports this program.

President Kuchma knows that he and Ukraine's parliament must now take strong, decisive steps to implement these reforms and begin a new era in Ukraine's economic policy -- one marked by sound public finance, an improved climate for private investment, and expanded economic opportunity for the people of Ukraine.

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