Press conference by Olli Rehn, Vice-President of the EC, on Macro-Financial Assistance to Ukraine
Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro, gave a press conference on Macro-Financial Assistance (MFA) to Ukraine. The EC proposed on the same day a new MFA to Ukraine of up to €1 billion in medium-term loans. This new MFA programme, expected to be approved by the Council of Ministers of the EU in the following weeks, was part of the package of support to Ukraine announced by the European Commission on 05/03/2014 and endorsed by the European Council the day after.
It was intended to assist Ukraine economically and financially in view of the critical challenges the country was facing, notably a very weak and rapidly worsening balance-of-payments and fiscal situation, which was being worsened by the crisis.
The proposed MFA was designed to help Ukraine cover part of its urgent external financing needs in the context of the stabilisation and reform programme under preparation with the help of the International Monetary Fund (IMF).