On March 5, 2014 the European Commission (EC) agreed a package of the financial support to Ukraine of at least €11 billion over the next couple of years.
The relevant decision was agreed in the framework of the EC`s Board. The support is expected to be provided from the EU budget and EU-based international financial institutions.
The package of support to Ukraine sets out the main concrete measures that the Commission is proposing for the short and medium term to help stabilise the economic and financial situation in Ukraine, assist with the transition and encourage political and economic reform.
While some of these measures can be carried out quickly, others will require further planning and preparation. For many of them, the urgent and active support of the Council and European Parliament are necessary.
Key elements of the package agreed on March 5, 2014:
- €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.