“With the financing available to Georgia upon completion of the review, total disbursements under the EFF arrangement will amount to 155 per cent of quota (at about $450 million),” the Mission Chief for Georgia at the International Monetary Fund (IMF) Mercedes Vera-Martin announced today. She noted that “the Georgian authorities and the IMF team reached a staff-level agreement on the conclusion of the Sixth Review of the EFF arrangement.”

Ms. Vera Martin added that “the agreement is subject to approval by the Executive Board. Consideration by the Executive Board is expected in early May.”

“The team will also recommend an increase in IMF support to Georgia by 130 per cent of the quota (about $375 million) to help finance health and macroeconomic stabilization measures, meet the urgent balance of payments needs arising from the COVID-19 pandemic, and catalyze support from the international community. The disbursement associated with this review (about $200 million) will be allocated for budget support to help the authorities meet urgent medical and socio-economic needs, to be disbursed with the completion of this review,” Ms. Vera Martin stressed.

An International Monetary Fund (IMF) team led by Mercedes Vera Martin conducted discussions on the Sixth Review and on augmentation of access under the Extended Fund Facility (EFF) during April 1-13, 2020.