The Council of the European Union has adopted a decision to provide €150 million in macro-financial assistance package to help Georgia ‘cope with the economic fallout of the COVID-19 pandemic’.
Georgia is among the ten enlargement and neighbourhood partners of the EU which will receive the financial assistance ‘in the form of loans on highly favourable terms’.
Together with the support from the International Monetary Fund, the funds will help enhance macroeconomic stability and create space to allow resources to be allocated towards protecting citizens and to mitigating the negative socio-economic consequences of the coronavirus pandemic”, the EU Commission stated today.
In total the EU Commission adopted a €3 billion assistance package to help the countries ‘cover their immediate financing needs’ which have increased as a result of the COVID-19 outbreak.
The Commission initially adopted the proposal for a COVID-19 support package in late April, which was endorsed by EU ambassadors earlier this month.