EU offers Ukraine €11 billion in aid

The European Commission announced Wednesday that it will provide Ukraine with 11 billion euros ($15 billion) in financial assistance to Ukraine, which is struggling to keep its crisis-hit economy afloat amid mounting debt, RIA Novosti reported.

European Commission President Jose Manuel Barroso said the aid package was designed to enable “a committed, inclusive and reforms-oriented government in rebuilding a stable and prosperous future for Ukraine.”

The European Commission said in a statement that financial support would be provided over a two-year period from the EU budget and EU-based international financial institutions.

“The most immediate priority for the EU is to contribute to a peaceful solution to the current crisis, in full respect of international law,” Barroso said.

The statement said some aspects of the reform program would be carried out quickly, while others would require longer-term planning and preparation.

“Underpinning this approach is the ambition to help Ukraine fulfill the aspirations which have been clearly demonstrated by citizens and civil society in recent weeks in the unprecedented events in Kiev and throughout the country,” the statement said.

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