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Barroso details EU support plan for Ukraine [Updated]

Initiatives

European Commission president José Manuel Barroso held a press conference this afternoon at which he detailed relief support the European Union may offer Ukraine in light of the current crisis there.

Barroso promised an aid package of €11 billion “over the next couple of years” to assist in part with the country’s potentially crippling debt problems with a reported shortage of €13 billion for this year alone.

Among the specific resources to make up the relief package mentioned in Barroso’s brief talk include up to €8 billion from the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD).

Said the EC president, “This engagement constitutes both a response to help stabilize the country as well as to support the reform program and further enhance ownership of the Ukrainian authorities. 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.”

The proposal will be presented to European Union heads of state tomorrow.

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