The European Commission will allocate 46 million euro to Georgia as macro-financial assistance. Pierre Moscovici, the European Commissioner for Economic and Financial Affairs, Taxation and Customs, has signed the Memorandum of Understanding for a €46 million Macro-Financial Assistance (MFA) programme to Georgia. The assistance will be distributed evenly between grants and loans and will be disbursed in two equal tranches in 2015, reports GHN based on the Ministry of Foreign Affairs.
"The EU is helping Georgia ease its financing constraints while supporting the government's economic reform agenda. We support Georgia's efforts to maintain macroeconomic stability while implementing growth-enhancing reforms and facilitating closer economic integration with the EU", said Commissioner Moscovici.
The MFA programme is 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 European Union.