EU Council

Baroness Williams of Crosby Excerpts

Monday 23rd February 2015 Lords Chamber

[Baroness Stowell of Beeston]

Our approach to Syria has been consistent throughout—certainly with regard to the threat of ISIL, which we have to ensure is tackled at source. As the noble Lord knows, we have a significant commitment to the effort focused on Iraq. Clearly, we are not supporting the effort in Syria militarily, but we are doing a huge amount by way of humanitarian aid, and that will continue.

[Baroness Williams of Crosby (LD)]

My Lords, as my noble friend will know, in the past few days there has been a dramatic further fall in the value of the Ukrainian currency, the hryvnia, against the dollar. It has fallen by more than a third and is now about half its value only a few weeks ago. Given that, and given that there is a real prospect that the Ukrainian economy could break down, can she tell us whether there was discussion at the Council about the state of Ukrainian economy, the rising debts it has, especially in energy, and what emergency action might be taken by the European Union in the event that the hryvnia becomes an unacceptable currency?

[Baroness Stowell of Beeston]

I can tell my noble friend that the IMF agreed in principle on 12 February that Ukraine qualified for an extended fund facility. That is a four-year programme worth $17.5 billion. We are clearly supporting the Ukrainian Government in delivering the reforms that they have committed to under the association agreement and the IMF programme, so that they are in a strong position to use that support from the IMF and get themselves on a secure footing for the future.