IMF approved provision of $113.9 Million to Georgia
IMF approved provision of $113.9 Million to Georgia

The Executive Board of the International Monetary Fund (IMF) approved the provision of $113.9 million to help Georgia meet the balance of payments needs stemming from the COVID-19 shock. The National Bank of Georgia reports.

“The authorities have taken appropriate steps to alleviate the adverse economic and social impact of the shock given the pronounced economic slowdown. Macroeconomic policy discipline and decisive implementation of structural reforms will be crucial to support the recovery and limit scarring from the COVID-19 shock.

The Executive Board of the International Monetary Fund (IMF) today completed the Seventh Review of Georgia’s economic reform program supported by a four-year extended arrangement under the Extended Fund Facility (EFF). The completion of the review will release SDR79 million (about $113.9 million) to help Georgia meet the balance of payments needs stemming from the COVID-19 shock. Total disbursements so far under the arrangement amount to SDR406 million (about $585.4 million),” the statement released by the Georgian National Bank reads.

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