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European Commission offers Ukraine another EUR 1 bln

19-03-2014 16:20

The European Commission has proposed allocating a further EUR 1 billion in macro-financial assistance to Ukraine; this decision was made by a panel of members of the European Commission on Wednesday, Ukrinform reported.

"The European Commission has proposed new macro-financial assistance (MFA) to Ukraine of up to EUR 1 billion in medium-term loans," the European Commission said. The proposed new EUR 1 billion program would be implemented in parallel with the existing program of EUR 610 million, which has been available since 2010 but has not yet been released. The new MFA program is to be approved by the EU's Council of Ministers in the coming weeks. As reported, on March 5, the European Commission proposed a EUR 11 billion package of financial and economic assistance to Ukraine. This decision was approved on March 6 by the European Council at the level of heads of state and government of the EU member states. Olli Rehn, Vice-President of the European Commission responsible for Economic and Monetary Affairs and the Euro, said that the funds would be available along with loans from the IMF after this institution resumes a relevant program of cooperation with Ukraine. The commissioner also stated that European Commission President Jose Manuel Barroso had earlier discussed financial and economic assistance to Ukraine with Prime Minister Arseniy Yatseniuk.