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Georgia : $154m economic assistance package for Georgia sanctioned by IMF

August 7, 2014

The International Monetary Fund (IMF) promised a multi-million assistance package would be provided to Georgia to back the country implement economic reforms to progress the country s business environment, create jobs, and decrease poverty and more.

The Executive Board of the IMF sanctioned a 36-month $154 million USD Stand-By Arrangement (SBA) with Georgia to support the country s economic program.

IMF said that about $62 million USD will be distributed immediately while the remaining amount will be phased over the duration of the program.

IMF s Executive Board said the SBA aimed to reduce macroeconomic vulnerabilities, increase policy buffers and support growth, while making the Georgian economy more resilient to external shocks.

Deputy managing director and acting chair Min Zhu said structural reforms would be essential for achieving the progress.

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Source: TendersInfo (India)

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