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Georgia receives first tranche under EU program

28 January 2015 [18:42] - TODAY.AZ

/By AzerNews/

By Mushvig Mehdiyev

The European Union allocated 13 million euros to support Georgia’s economic reforms.

The European Commission, on behalf of the EU, disbursed 13 million euros in grants to Georgia as part of the first tranche of the EU's Macro-Financial Assistance worth 46 million euros.

This tranche also included 10 million in loans, which will be disbursed before loans.

The second tranche, calculated at 23 million euros, consisting of 10 million euros in grants and other 13 million in loans, is planned to be allocated in mid-2015.

Pierre Moscovici, European Commissioner for Economic and Financial Affairs, Taxations and Customs, said the EU is helping Georgia to ease its financing constraints, at the same time supporting the government's economic reform agenda.

"We support Georgia's efforts to maintain macroeconomic stability alongside the implementation of growth-enhancing reforms and facilitation of closer economic integration with the EU,” he said.

The MFA program aims to strengthen Georgia's balance of payments and budgetary position and also support its reforms focused on reinforcing the economic governance, increasing social inclusiveness and promoting closer economic integration with the EU.

The MFA supports Georgia's reforms in the areas of public finance management, social policy, banking supervision, trade and competition policy in an effort to help the implementation of the Deep and Comprehensive Free Trade Area with the EU.

This MFA program for Georgia is the second of two operations pledged by the EU at the International Donor Conference in Brussels in October 2008. It was approved by the European Parliament and the EU Council of Ministers on August 12, 2013.

A previous MFA of 46 million euros in grants was successfully implemented in 2009-2010.


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