Ukraine ask EU for financial support

Dec 16,

Ukraine used the first meeting of a landmark council with the European Union to press for more financial support as it pushed ahead with reforms in the face of Russian aggression. Prime Minister Arseniy Yatsenyuk yesterday said after the meeting that it is difficult for Ukraine to fight with a nuclear state which is armed to the teeth. Russia’s intervention in eastern Ukraine and its March annexation of Crimea meant his country had lost ten percent of its economic base. The European Union has offered Ukraine about 1.6 billion euros in short term assistance and put together a wider package worth about 11 billion euros but this money is tied to strict conditions that Kiev adopt tough social and economic reforms to remedy problems such as deep seated corruption and to bring it more into line with EU norms. The International Monetary Fund has given Kiev about 17 billion US dollars and has estimated it probably needs another 15 billion US dollars in immediate funding.

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