We Refused EUR 75 MLN EU Loan Due To Risk That The Money Would Not Be Transferred - Deputy Minister
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The Government of Georgia refused to take EUR 75 MLN EU loan because of two reasons. First, there was a critical position of the EU that the reform had not been implemented and there was a risk that the EU would not transfer that amount to Georgia. The second was debt reduction policy, - the First Deputy Finance Minister Giorgi Kakauridze declared at the parliament in response to a question from MP Salome Samadashvili.
Accordingly, Giorgi Kakauridze, in fact, confirmed that the main reason for refusing this debt was political.
As Kakauridze stated, there were cases earlier when the country did not receive loans and grants from specific donors, due to the non-implementation of other reforms.
"EUR 75 MLN EU loan was one of the fundings, which would follow the reforms in 10-12 sectors. If we examine each one, all of them are done. There is only one part left [judicial reform] on which local experts believe that they are exactly fulfilled, while the EU Delegation considered that this obligation is not fulfilled, as the changes do not reflect the content of what is meant by the document", Kakauridze declares.
According to the First Deputy Finance Minister, they refused the EU loan due to the risk that the money would not be transferred.
"We refused the EU loan because there was a risk that the money would not be transferred. In general, reform-based financial agreements are very important. But unfortunately, there had been such cases in the previous years, when we lost grants or loans due to the lack of certain reforms, " Kakauridze declares.