The European Commission has proposed €100m (U.S. $149.2m) of macroeconomic assistance to Armenia and 46 million Euro to Georgia, the EU's executive arm said on Friday.

Reurters reports that the aid to Armenia — a loan of up to €65m and a grant of up to €35m — would support an adjustment program 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 €500m to help the economy after the country's conflict with Russia last year. It will also support an IMF adjustment program, a Commission statement said.

The proposals must be formally approved by the 27 EU states.