EU boosts its financial support to Georgia

/By AzerNews/

By Mushvig Mehdiyev

The European Union pledged to beef up its financial support to Georgia, while announced about its plan to allocate €46 million to the country as part of the Macro-Financial Assistance Program for 2015.

Pierre Moscovici, European Commissioner for Economic and Financial Affairs, Taxation and Customs, signed a Memorandum of Understanding for multi-million Macro-Financial Assistance program to Georgia.

The assistance will be distributed evenly among grants and loans, and will be disbursed in two equal parts in 2015.

"The EU is helping Georgia to ease its financing constraints and supporting the government's economic reform agenda. We support Georgia's efforts to maintain macroeconomic stability amid the implementation of growth-enhancing reforms and facilitation of closer economic integration with the EU", Moscovici said.

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