The European Union to Give €1-billion Aid Package to Ukraine

Written by | Friday, March 21st, 2014

The European Union announced on Wednesday (March 19) that it would provide Ukraine with 1-billion-euro aid package in order to stimulate the country’s struggle for economic and political reforms as well as to secure its dire financial situation. The European Union said that Kiev should devote part of this package to promote transparency and anti-corruption measures. Yet, the money is only a part of a much wider stabilization package, which is to run for a number of years ahead. According to EU Economic Affairs Commissioner, Olli Rehn, creating the conditions for Ukraine to stabilize economically is a key step towards the stabilization of the political situation as well.
The Commissioner added that the package that the EU is offering Ukraine now is to cover the costs of the country’s immediate needs but also to support economic reforms such as the overall management of the economy, public finances, and pro-growth policies. The country must work hard to bring its macroeconomic conditions back to life. Economic reform will therefore also include privatization.
In addition to the EU’s 1 billion euros, Europe is also making available extra 610 million euros under the terms of the notorious EU-Ukraine association agreement that was refused by ex-President Viktor Yanukovich in November last year. Brussels is to finally sign the political part of the deal with Kiev on Friday during a summit that is taking place on March 20-21 during which EU leaders are also going to discuss the annexation of Crimea by Russia.

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