U.S. Treasury Secretary Jacob Lew announced the signing on Monday of a $1 billion loan guarantee agreement for Ukraine.

When the guarantee is completed, it will complement Kiev's International Monetary Fund reform program.

"The Ukrainian people have demonstrated tremendous courage as they have charted an independent course for their country and demanded a government that truly reflects the will of the people," Lew said.

Lew said the U.S. has been at the forefront of increasing international support for Ukraine while holding Russia accountable for violating Ukrainian sovereignty and destabilizing action.

"I would like to congratulate (Ukrainian Finance) Minister (Oleksandr) Shlapak on the progress he and his team have made in putting in place a comprehensive economic reform program together with the IMF," Lew said. "The United States very much wants to see Ukraine prosper, and we will continue to stand with the Ukrainian people as they move forward to realize their long-held aspirations."

The $1 billion loan guarantee is part of a U.S. bilateral assistance package that includes technical assistance to facilitate Ukraine's economic recovery.

Lew and Shlapak held a bilateral meeting prior to the announcement to discuss the ongoing situation in Ukraine and Ukraine's economic reform progress.