Parliament approves macro-financial assistance to Georgia

The European Parliament on May 11 approved a second financial assistance package to Georgia worth ˆ46 million. A press release said MEPs were ready to provide the funds, but a dispute with the European Council over the details of how to oversee the implementation of the aid had yet to be resolved, and a second reading might therefore be needed.

The macro-financial assistance is the second half of a previous commitment by the EU, and would be offered half in grants and half in loans, according to the press release.

In order for the financial assistance to be mobilized, the Parliament and Council will first have to agree on how to oversee the release of funds, either opting for the "examination procedure" (that would imply more scrutiny) or the "advisory procedure", whereby the Parliament would simply adopt the Commission proposal as is.