European Commission proposes 4-year financial reserve for Ukraine worth 50 bln euros

BRUSSELS. June 20 (Interfax) - European Commission President Ursula von der Leyen has proposed establishing a 50-billion-euro financial reserve for Ukraine.

"We propose a financial reserve for the next four years of 50 billion euros. This includes both loans and grants [...] The financial reserve will allow us really to calibrate our financial support according to the evolution of the situation on the ground," von der Leyen said at a press conference on Tuesday.

"The reserve will first of all provide the prospective for our partners in Ukraine, predictability," she said.

The European Commission provided 30 billion euros to Kiev in macrofinancial and humanitarian assistance, she said.

"Of course, this was initially never foreseen in our [multiannual financial framework] MFF. This is why we need to revisit our budget now," she said.