European Commission to give Georgia €45 mln

Mon 02 October 2017 12:39 GMT | 16:39 Local Time

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The European Commission has proposed up to €45 million in new Macro-Financial Assistance (MFA) to Georgia to help it cover part of its external financing needs, the press release said.

Welcoming Georgia’s "significant progress with economic reforms” the European Commission said "its macroeconomic outlook remains vulnerable”.

If adopted by the European Parliament and the Council, the Commission believes this assistance will help address some of the weaknesses of the Georgian economy, complement the reforms agreed in the context of the EU's budgetary and other support operations, and the EU-Georgia Association Agreement which envisages the creation of a Deep and Comprehensive Free Trade Area (DCFTA).

"Of the total €45 million, €10 million will be provided in the form of grants and up to €35 million in medium-term loans at favourable financing conditions, helping to reduce uncertainties surrounding the economy's short-term balance of payments and fiscal issues," the Commission said.

The MFA program was intended to strengthen Georgia's balance of payments and budgetary position and to support reforms aimed at reinforcing economic governance, increasing social inclusiveness and promoting closer economic integration with the EU.

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