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How did government attract 3.5-bln assistance?

How did government attract 3.5-bln assistance?
How did government attract 3.5-bln assistance?

''The Georgian government has attracted a 3.5-bln international aid from different international institutes including World Bank, European Bank for Reconstruction and Development, governments of other countries and the EU has played a significant role naturally,'' Georgian Minister of Economy Natia Turnava responded to former Lithuanian PM, European Parliament member Andrius Kubilius.

Turnava says the attracted funds is an assistance to the Georgian people.

In her words, Georgia is 'a number one reformer.'

Turnava says Georgia remains devoted to European values.

Turnava claims that Georgia receives international assistance for being devoted to the European values.

As Andrius Kubilius said in his Twitter post, a key component of the international support 'is bonded with commitments taken by Georgia, especially in the area of the rule of law, fight against corruption, electoral reform, economic governance, and transparency.'

'' We have to work all together in an atmosphere of trust to protect democracy and achieve this objective. That trust can only build by making progress on fulfilment of commitments and promises made, including the ones reached on 8 March 2020 among all the main political parties in Georgia,'' Kubilius said.

'' Overall, the EU is securing in total more than 3 billion euros for the whole EU neighbourhood of which 962 million euros it will direct to the Eastern Partnership region, including Georgia,'' he said.

'' Since the very beginning of the crisis in March 2020, the EU has been standing behind Georgia. It immediately started providing urgent healthcare assistance, supporting vulnerable groups, and boosting a liquidity of small and medium-sized enterprises, with a total amount of 90 million euros. The medical supplies for Georgia included ventilators, laboratory kits, masks, goggles, gowns, and safety suits to fight the virus in addition to training for medical and laboratory staff in cooperation with WHO. Targeted grants will support the socio-economic development in Georgia, civil society, in particular the most affected by the crisis, and social entrepreneurship, social services and protection of human rights,'' Kubilius stated.

In his words, in April 2020, the EU launched a package for Georgia to support social and economic recovery and strengthen state finances with a second tranche of 183 million euros in grants.

''Part of the funds will go to facilitate access for Georgian businesses to Lari credit lines and grants to boost and restart businesses. This support will be implemented together with our International Financial Institutions, working with local banks and credit institutions. Negotiations are ongoing with the World Bank, ADB, AFD, KfW and EIB on the increase of their policy-based loans. Later in April, the EU has endorsed an additional support of 150 million euros in loans for macroeconomic stability of Georgia, which would help protecting citizens and mitigating negative socio-economic consequences. It is important to note that the part of budget support disbursements will be tied to specific conditions for Georgia, in particular to implementation of ongoing reforms in areas of rule of law, judicial and electoral reform. In addition to that, the IMF agreed to increase the current programme for Georgia by 345 million euros, of which more than 280 million are to be disbursed in 2020,'' Kubilius remarked.

He hopes that one day Georgia with EU's joint efforts will be ready to become the member of the EU.

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