Kiev, Feb 25 (IANS): The European Union (EU) is considering financial assistance for Ukraine to help it deal with its economic crisis, EU foreign policy chief Catherine Ashton said here Tuesday.

"We are mulling the combination of short-term borrowing and long-term loans," Xinhua quoted Ashton, who is on a working visit, as telling reporters.

She stressed that the EU, along with other lenders, in particular the International Monetary Fund (IMF), is standing ready to provide Ukraine with loans, but only if Kiev implements economic reforms.

Ukraine, which faces $17.4 billion of foreign debt repayments this year, has turned to the international community for help.

It has proposed an international donor conference with the participation of the EU, the US, Poland, the IMF and other countries and international institutions to raise funds for Ukraine's reforms and modernisation.

Ukraine's finance ministry said the country needed about $35 billion in aid to improve its economy.