The first 10 million euros were received from the European Commission today by Georgia as the first tranche of macro-financial assistance, the total amount of which is 46 million euros. As stated in the communiqué of Brussels, the money is part of the "greater involvement of the EU in Eastern Europe, which serves as an exceptional tool for responding to crises in neighboring countries."
The European Commission disbursed €10 million in loans to Georgia on April 21. This represents the loan part of the first tranche of the EU's €46 million Macro-Financial Assistance (MFA) for Georgia, approved in August 2013. It is part of the EU's wider engagement in Eastern Europe and serves as an exceptional crisis-response instrument for neighboring countries.
"This disbursement is a further concrete sign of Europe's support for Georgia. At a time when Georgia faces a challenging external environment, the assistance should alleviate the country's financial constraints, underpin macroeconomic stability and support the government’s growth-enhancing and socially inclusive reform agenda," Interfax Azerbaijan cited the European Commissioner for Economic and Financial Affairs, Pierre Moscovici.
The MFA program is intended to strengthen Georgia's balance of payments and budgetary position and to support reforms in the areas of public finance management, social policy and banking supervision.
