European Commission agreed a package of support to Ukraine (05/03/2014)

On 5 March, the European Commission agreed 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 on Thursday 6 March.

“The most immediate priority for the EU is to contribute to a peaceful solution to the current crisis, in full respect of international law”, said the European Commission President José Manuel Barroso said. “The European Commission is proposing today a package designed to assist a committed, inclusive and reforms oriented Government in rebuilding a stable and prosperous future for Ukraine. What we propose could bring overall support of at least EUR 11 billion over the next couple of years from the EU budget and EU-based international financial institutions.”

Key elements of the package agreed today:

• EUR 3 billion from the EU budget in the coming years, EUR 1.6 billion in macro financial assistance loans (MFA) and an assistance package of grants of EUR 1.4 billion;

• Up to EUR 8 billion from the European Investment Bank and the European Bank for Reconstruction and Development;

• Potential EUR 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.

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