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EU offers 11 billion euros in aid to Ukraine

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Staff writer ▼ | March 6, 2014
European Commission president Jose Manuel Barroso has announced a massive aid package to Ukraine of "at least €11 billion ($17 billion) over the next couple of years".
Ukraine
UkraineEuropean Commission president Jose Manuel Barroso has announced a massive aid package to Ukraine of "at least €11 billion ($17 billion) over the next couple of years".


"It is a package designed to assist a committed, inclusive and reforms-oriented Ukrainian government. The package combined could bring an overall support of at least €11 billion over the next couple of years, from the EU budget and EU-based international financial institutions," Mr. Barroso said.

Mr. Barroso said he would discuss details of the assistance in Brussels on Thursday with interim Prime Minister Arseniy Yatsenyuk, who will be attending an emergency summit of the EU's 28 leaders called to mull over a joint response to the military crisis in Crimea.

Mr. Barroso said the EU's immediate priority was to help find a peaceful solution to the crisis that "must include a withdrawal from Russian armed forces to the areas of their permanent stationing".

Mr. Barroso welcomed the direct dialogue established between Moscow and Kiev and said he hoped to see both sides agree to a deployment of international observers to Crimea. "In parallel, the international community should mobilise to help Ukraine stabilise its economic and financial situation, which will in turn also contribute to political and social peace," he said on announcing the aid.

Mr. Barroso detailed the help as €1.6 billion in loans under macro-financial assistance; €1.4 billion in grants, of which €600 million can be disbursed in the next two years; €3 billion from the European Investment Bank from 2014-2016 and a proposed trust fund in which EU budget money and bilateral money from member states can be pooled; and efforts with the European Bank for Reconstruction and Development, to which the EU is a majority shareholder, to liberate a further €5 billion.


 

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