Germany supporting augmentation of access for Georgia under IMF program
BAKU, Azerbaijan, August 15
By Tamilla Mammadova – Trend:
In 2020, Germany supported the augmentation of access for Georgia under the existing 'Extended Fund Facility' IMF program, Federal Ministry of Finance of Germany told Trend.
"As a part of this project, Georgia received $375.60 million in May 2020, which allowed the country to accommodate the urgent spending needs in the health sector and on economic stabilization during the COVID-19 crisis," the ministry said.
According to the ministry, Germany supported the European Commission’s proposal on providing macro-financial assistance (MFA) in the context of the COVID-19 pandemic.
"As a result, on May 25, 2020, the European Parliament and the European Council adopted the decision to provide up to 3 billion euros of MFA to ten enlargement and neighborhood partners to help them limit the economic fallout of the coronavirus pandemic The MFA program for Georgia is worth up to 150 million euros and will be disbursed in two instalments," the ministry noted.
As the ministry said, in addition, the EU is providing Georgia with annual grants of 120 million euros for the financial period of 2014-2020 under the European Neighborhood Instrument (ENI).
"Germany finances approximately 21 percent of the EU budget and therefore also about 21 percent of the ENI," the ministry added.
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