POLITICS
European Parliament to consider provision of 45-million-euro macro-financial assistance to Georgia today
23 January, 2018
The European Parliament's Foreign Affairs Committee is considering the issue of macro-financial assistance to Georgia in the amount of 45 million euros today. Andrejs Mamikins from the Progressive Alliance of Social Democrats will be a reporter on the issue.

The draft decision of the European Parliament and the EU Council on macro-financial assistance envisages the allocation of 45 million euros for Georgia, including 35 million as a medium term loan and 10 million as a grant, in order to cover
the country's foreign financial needs for 2017-2020.

According to the document's explanatory note, the Georgian financial system is healthy, which is largely conditioned by the National Bank's reasonable supervision, but the fiscal deficit is increasing and the GEL has deteriorated in recent years.

The Georgian government requested the macro-financial assistance from the EU on June 16.

In case of approval by the European Parliament and the Council of Europe, the mentioned macro-financial support will be the third since the 2008 Russia-Georgia war. The first operation, which envisaged a grant of 46 million euros, was implemented in 2009-2010, the second (46 million euros - half a grant and half a loan) was carried out in 2015-2017. The last transaction of the second operation was allocated in May 2017.

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