BRUSSELS, Jan. 8 – The European Commission said it is ready to provide further assistance to Ukraine.

"Today the Commission has proposed new macro-financial assistance (MFA) to Ukraine, of up to EUR 1.8 billion in medium-term loans," the EC said in a statement.

The new MFA program, which is to be approved by the European Parliament and the Council of Ministers of the EU, is intended to assist Ukraine economically and financially, considering the critical challenges the country is facing, including a weak balance of payments and a poor fiscal situation.