Press Release: Commission proposes €46 million macro-financial assistance to Georgia

The European Commission proposes to provide macro-financial assistance to Georgia of up to €46 million, with half of the assistance to be disbursed in the form of grants and half in the form of loans. This assistance is part of a comprehensive EU package of up to €500 million to support Georgia's economic recovery in the aftermath of the August 2008 conflict with Russia and the global financial crisis. It follows the successful implementation during 2009-10 of a macro-financial assistance of the same amount. It will support the adjustment programme agreed by the Georgian government with the IMF under a Stand-By Arrangement, contributing to cover Georgia's external financing needs in 2011.