International Monetary Fund supports major reforms in Georgia

The International Monetary Fund (IMF) will strengthen its support to Georgia to help the country implement its ambitious reforms.

The decision came after Georgia’s Finance Minister Dimitry Kumsishvili met with the deputy managing director of the IMF, Tao Zhang, in the United States (US).

Georgia’s four-point reform plan and the country’s economic policy were positively assessed at the meeting.

The IMF confirmed it was supporting Georgia’s planned and ongoing reforms and was ready to strengthen its support in the implementation process.

The IMF has already approved a new, $285 million, large-scale technical assistance program for Georgia in an effort to support the country’s economic policy.

This is a $285.3 million program within the Extended Fund Facility (EFF). The money will be spent not on any specific program, but will be used for increasing the foreign exchange reserves,” said Kumsishvili.

The EFF-supported program will help Georgia reduce economic vulnerabilities, pursue well-coordinated policies, and promote economic growth, said the IMF.

The meeting with Zhang was arranged within Kumsishvili’s official visit to the US.

During this visit the Georgian Minister met high officials from the World Bank, different donor organisations and large investment companies.