Georgia turns down EU loan tranche  

News

30.10.2024 | 10:24
“Navigating Gray Zones: Building Resilience in State and non-State Institutions in the Era of Hybrid Warfare”․ two-day workshop in Yerevan
10.10.2024 | 11:25
Businessman and benefactor Mikayel Vardanyan was awarded the title of Honorary citizen of Masis community
03.10.2024 | 13:50
The stamp, the first day cover and the souvenir sheet dedicated to the 75th anniversary of Hrant Vardanyan, a businessman, benefactor, the founder of “Grand Holding” have been issued
30.09.2024 | 17:05
The statement of a group of Armenian civil society organizations regarding the Armenia-EU visa liberalization process
26.09.2024 | 16:28
The EDB, the WFP and Yeremyan Projects launch the “Milk to Schools” initiative on World School Milk Day
23.09.2024 | 11:20
David Yeremyan’s success recipe: set goals, never stop and create lasting values
11.09.2024 | 10:52
Barerar.am is a new platform that provides an opportunity to provide assistance to needy families directly and without any mediation
28.06.2024 | 13:00
World Food Programme, Eurasian Development Bank, and Yeremyan Farm Sign Letter of Intent for Expansion of the “Milk in Schools” project in Armenia
17.06.2024 | 16:18
Civil Society Condemns: “Police Violent and Illegal Actions Directed by Highest Political Power”
31.05.2024 | 10:37
Thanks to the 118 million drams support from Karen Vardanyan, modern equipment was supplied to the National Center for Burns
25.05.2024 | 16:17
”Yeremyan Projects” opens state-of-the-art dairy production plant
18.04.2024 | 15:46
The ”Armenian gambit” amidst the Russian presidential elections
19.03.2024 | 21:00
We are ready to do more together with Armenia: Jens Stoltenberg. VIDEO
19.03.2024 | 17:31
Thanks to financial support of 117 million drams from Mikael Vardanyan, in the enlarged Masis community the problem of garbage collection will be completely solved
19.03.2024 | 13:50
The democratic facade and other peculiarities of the 2024 presidential elections in Russia
More

The EU Delegation to Georgia said the country’s government did not fulfill the conditions for macro-financial assistance. For this announcement, a special briefing was held on August 31 in response to a statement made several hours earlier by the Georgian government which said that it refused to accept the second part of Europe’s macro-financial assistance.

It is stated that in the selection of judges of the Supreme Court, the recommendations of the Venice Commission were not followed: “There was no level playing field for candidates, a number of legislative changes aimed at increasing the transparency of the judicial system were not implemented”.

Aid of €150 million was disbursed in November 2020 to help Georgia cope with the pandemic and its impact on the country’s economy. Half of the amount was transferred immediately, the transfer of the second part was scheduled to take place before the end of 2021.

The conditions for the provision of macro-financial assistance were among the obligations outlined in the agreement signed on April 19, 2020 by the authorities and opposition with the mediation of the President of the European Council Charles Michel.

“The European Union confirms its readiness to fully support Georgia’s reforms in accordance with the Association Agreement. But aid will continue to depend on progress made in implementing key reforms”, the EU delegation said.

Prime Minister of Georgia Irakli Garibashvili announced on August 31 that the government is refusing to receive 75 million of the EU aid.

“Georgia has very good, strong economic growth. The government has begun to reduce its external debt, and it no longer needs the second part of EU assistance”, Garibashvili said.

Some experts and politicians consider such a government decision to be a direct deviation from the country’s Euro-Atlantic course.

“The suspension of the 75 million EU aid means a loss of at least ten times more, because all potential investors will move Georgia into a high-risk zone and stop their activities there “, said expert Gia Khukhashvili.