EU proposes macroeconomic help for Armenia, Georgia

Reuters
Fri Oct 16, 2009 6:48am EDT

BRUSSELS, Oct 16 (Reuters) – The European Commission has proposed providing
100 million euros ($149.2 million) of macroeconomic assistance to Armenia
and 46 million euros to Georgia, the EU’s executive arm said on Friday.

The aid to Armenia — a loan of up to 65 million euros and a grant of up to
35 million euros — would support an adjustment programme agreed with the
International Monetary Fund to help the country through the global crisis,
the Commission said.

The assistance to Georgia is part of a European Union package of up to 500
million euros to help the economy after the country’s conflict with Russia
last year. It will also support an IMF adjustment programme, a Commission
statement said.

The proposals must be formally approved by the 27 EU states. (Reporting by
David Brunnstrom; Editing by Dale Hudson)