Former European Commission head Jose Manuel Barroso, during his speech at the World Economic Forum in Davos, said Ukraine needs wider financial assistance which must be provided quickly, otherwise the consequences may be extremely negative for both Ukraine and the West.

He clarified that the assistance of international financial partners, USA, EU and other countries will be ensured, provided that Kyiv conducts reforms, including in the fight against corruption and in changes to the judicial system.

However, the Ukrainian authorities will need time and considering the current situation the aid is needed as soon as possible, Barroso said during the Ukrainian Breakfast organized by the Victor Pinchuk Foundation on Friday.

If aid is not dispatched quickly, the situation will worsen in the fight against terrorism, and in the stability of other countries in the region, such as Moldova, Georgia, Armenia and Azerbaijan and in Central Asia, as well as in general relations between the West and Russia, Barroso added.