Brussels (QHA) -

European Commission President Jose Manuel Barroso has said that Brussels is ready to allocate EUR 11 billion in financial and economic aid to Ukraine in the coming years.

Barroso said this at a press conference on Wednesday in Brussels, according to media.

"Today, we have worked out aid for Ukraine. This is a package of EUR 11 billion over the next couple of years," he said.

Barroso told that these funds would be allocated from the EU budget and European financial institutions.

He also said that the package of proposals for the short and medium term would help stabilize the economic and financial situation in Ukraine and promote reforms.

He said that on Thursday he would discuss this proposal with the EU member states who will gather for a meeting of the EU Council, as well as with Ukrainian Prime Minister Arseniy Yatseniuk.