Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxations and Customs, said:
The disbursement decided today is part of the EU’s long-standing support to Georgia and its citizens. On the back of successful completion of critical reform commitments and improved stability, but at a time when our partner continues to face a challenging balance-of-payments and fiscal situation, the EU’s assistance will help alleviate Georgia’s short-term financing needs. It will also support the implementation of key reforms aimed at boosting economic growth and job creation, reinforcing social safety nets and strengthening the stability of the financial sector.
The EU’s MFA programme was intended to strengthen Georgia’s external and budgetary positions and to support the government’s agenda of economic, social and financial reforms. The policy programme attached to the EU’s assistance, which was jointly agreed by Georgia and the EU in December 2014, included measures aimed at improving public finance management, fostering social inclusiveness and strengthening financial supervision.
It also contained measures related to trade and competition policies, which aimed to help Georgia fully reap the benefits of the EU-Georgia Association Agreement (AA), including a Deep and Comprehensive Free Trade Area (DCFTA), which was signed in 2014, provisionally applied from September 2014 and entered into force in July 2016.