EC reaffirms its readiness to assist Ukraine in exchange for commitment to conduct reforms

The European Commission is ready to provide substantial technical assistance to Ukraine as soon as a political decision on this is made, and when a new inclusive government leads the country, EU Commissioner for Economic and Monetary Affairs and the Euro Olli Rehn has said.

"The situation in Ukraine is currently very unstable, and our priority should be assistance in stabilization in the country in political and economic terms," Rehn said on Tuesday, while answering a question at a press conference on the EC's winter economic forecast for 2014.

"Ukraine will need assistance to meet its financial needs both in the short term and in terms of medium-term and long-term economic development," he said.

He said that "it is important that the new government be inclusive and based on democratic principles." It must assume clear and convincing commitments to conduct economic reforms, he added.

"In this case, the European Commission will be ready to provide macroeconomic assistance to Ukraine along with the IMF's program," Rehn said.

He said that that simultaneously the IMF could take its own decisions, and in accordance with its procedures. The European Commission has been in contact with the IMF on these issues.

He also stressed the need for "good and fast coordination with regard to other resources of the European Commission and the European Union to have them available." He said that the relevant work was already underway. The European Commission and other EU institutions envisage the use of opportunities of the European Investment Bank and other institutions to provide rapid funding for assistance to Ukraine.

However, when asked whether the European Commission has the necessary funds, he said he supported a donor conference for Ukraine to" enable the EU member states that have the resources and also other European countries to collect a substantial aid package for Ukraine."