The European Commission is proposing a financial package for Ukraine of 11 billion euros over the next two years. Some 610 million is ready and could be given to Ukraine in the next few weeks, according to European Commission President Jose Manuel Barroso.

“This is our contribution, but of course we will welcome if others can also give their contribution to what I think is in interest of all of us. And I really mean all of us, I do not mean only a part of Europe. I think there is a deep interest in Europe that we have stability and peace in Ukraine,” added Barroso.

The treasury is empty and more than 25 billion euros is needed over the next two years, according to Ukraine’s prime minister, Arseniy Yatsenyuk.

However, Yatsenyuk confirmed that there will be unpopular financial reforms, as the money from the EU does not come without strings attached.
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“It is important when disbursing this money that Ukraine commits to reforms. That is, of course, a government that provides inclusiveness. That is a government that is ready to make the best of this support. And I expect Ukraine to sign an agreement with the IMF,” said Barroso.

The EU’s announcement comes a day after the US offered Ukraine more than 700 million euros (1 billion US dollars) in loan guarantees and offered to send experts to help Ukraine’s central bank and finance ministry.