The European Commission proposed to provide a macroeconomic aid to Armenia in the amount of 100 million euros designed to alleviate its worst economic downturn. Georgia will be allotted 46 million euros for the same purpose. Yesterday the European Union announced about this. The EU’s executive European Commission will ask the bloc’s member governments soon to approve a loan of 65 million euros and a grant of 35 million euros. The assistance supports, and is conditional on the respect of the adjustment program agreed between Armenia and the International Monetary Fund. It complements the latter’s financial assistance to the country. The aid provided to Georgia is a part of the 500-million euro EU package, which will be aimed at supporting the country to overcome the post-war consequences. “The proposed financing will complement the financial resources provided by the EU, in the form of budget support programs financed under the European Neighborhood and Partnership Instrument,” said the EU statement. Let us mention that these proposals should be ratified by the 27 member states of the EU.
