The European Business Association (EBA), in an official statement on the new government of Ukraine, has said that corruption of the previous political regime drove Ukraine into economic crisis and national conflict.

"The European Business Association sees the endemic corruption of the country's previous political regime, the lack of the rule of law, abuse of power, budgetary fund thefts, along with a heavy regulatory burden and monopolization as the main causes that drove Ukraine into a severe economic crisis and put it on the verge of major internal conflict," reads a statement from the EBA given to Interfax-Ukraine.

Moreover, the organization said that in order to pull Ukraine back from the brink of default and bankruptcy and to create a stable and inviting investment climate, it see no alternative for the new government but to immediately carry out the long overdue reforms, agree a new loan deal with the IMF and sign the AA/DCFTA with the EU.

"This is not the time for populist slogans, and these steps must be completed well ahead of the scheduled presidential election in May," the document said.

The association welcomed the political transformations started late last week, particularly the return to the parliamentary form of government and the announcement of early presidential election, and the broad support for change in the Verkhovna Rada.

"As our duty and obligation to those who lost their lives in the struggle for a democratic and just Ukraine, we would like to declare zero tolerance to any sign of corruption and abuse of power in the new administration. We expect any official found involved, directly or indirectly, in these practices to be suspended and served just punishment," the EBA stated.

The organization also wished the new government success adding that it is looking forward to establishing active communication and cooperation with the new ministers in order to help them make Ukraine one of the most attractive investment destinations in the region.

What is important, the EBA expressed its deepest sorrow for the victims of the clashes of the past three months in Kyiv and other cities of Ukraine.

"All those who led the country into its most severe crisis since Independence by ignoring the democratic choice of their citizens, gave unlawful orders and provoked violence must be justly punished in order to ensure such a tragedy never repeats itself," reads the EBA statement.