European Commission's package of support to Ukraine

WASHINGTON, March 5, 2014 /PRNewswire-USNewswire/ -- The European Commission agreed today a package of support identifying a number of concrete measures to assist economically and financially Ukraine. These measures should be seen as the Commission's contribution to a European and international effort to support Ukraine's economic and political reforms, and will be presented to the EU Heads of State and Government ahead of their extraordinary meeting in Brussels on Thursday March 6.

Jose Manuel Barroso, the European Commission President, said that "the events of the last days have shocked us all and reminded us that principles that we cherish, like peace, cannot be taken for granted. It also reminds us how the outdated logic of the balance of powers is dangerous and wrong and we need to replace it with a logic of cooperation and dialogue, in full respect of international law" and added that in parallel to handling the situation in Crimea through political dialogue in the framework of the Ukrainian constitution, "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."

President Barroso stressed that "the situation in Ukraine is a test of our capability and resolve to stabilize our neighborhood and to provide new opportunities for many, not just a few. We need to be up to this challenge. I believe we are going to be up to this very important challenge for Ukraine and for Europe as a whole."

Key elements of the package agreed today:

• €3 billion from the EU budget in the coming years, €1.6 billion in macro financial assistance loans (MFA) and an assistance package of grants of €1.4 billion;
• Up to €8 billion from the European Investment Bank and the European Bank for Reconstruction and Development;
• Potential €3.5 billion leveraged through the Neighbourhood Investment Facility;
• Setting up of a donor coordination platform;
• Provisional application of the Deep and Comprehensive Free Trade Area when Association Agreement is signed and, if need be, by autonomous frontloading of trade measures;
• Organisation of a High Level Investment Forum/Task Force;
• Modernisation of the Ukraine Gas Transit System and work on reverse flows, notably via Slovakia;
• Acceleration of Visa Liberalisation Action Plan within the established framework; Offer of a Mobility Partnership;
• Technical assistance on a number of areas from constitutional to judicial reform and preparation of elections.

More Information:

Remarks by President Barroso on Ukraine

European Commission's support to Ukraine:

• Press release on a package of support identifying a number of concrete measures to assist economically and financially Ukraine
• MEMO setting out the main concrete measures that the Commission is proposing for the short and medium term to help stabilize the economic and financial situation in Ukraine, assist with the transition, encourage political and economic reforms and support inclusive development for the benefit of all Ukrainians

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SOURCE Delegation of the European Union to the United States