IMF approves $280mln stand-by arrangement for Georgia
The Executive Board of the IMF decided to make about $40 million of the package available immediately. Photo: Nino Alavidze/Agenda.ge
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The International Monetary Fund has approved a three-year $280 million Stand-By Arrangement for Georgia aimed at financial resilience and growth, the institution announced on Wednesday.
The programme focuses on rebuilding fiscal buffers, strengthening fiscal frameworks, reducing external vulnerabilities and inflation, maintaining financial sector resilience, and fostering stronger and more inclusive growth for the country.
The Executive Board of the IMF decided to make about $40 million of the package available immediately.
The Georgian authorities intend to treat the new arrangement as precautionary", a release published by the IMF said.
The Georgian Ministry of Finance explained the Stand-By Arrangement was a “buffer amount of money which will be used in case of need” as an insurance mechanism for the country’s economy.
Investment environment in Georgia, the current economic processes in the country, dynamics of economic recovery in the post-pandemic period and specific measures planned by the Government were discussed on Monday in a meeting between the Georgian Prime Minister Irakli Garibashvili and Kristalina Georgieva, the Managing Director of the International Monetary Fund.
Lasha Khutsishvili, the Georgian Finance Minister, will take part in annual meetings of the International Monetary Fund and the World Bank Group in the United States, the Ministry announced on Monday.
Georgia and the International Monetary Fund (IMF) have reached a deal on a $289 million programme for macroeconomic and financial stability of the country, the IMF mission chief James John announced on Friday.
The Georgian Ministry of Finance has started negotiations with the International Monetary Fund (IMF) over the launch of a new three-year programme. Finance Minister Lasha Khutsishvili has met the IMF mission chief James John to discuss economic conditions and projected market reforms in Georgia.
Georgian authorities have adopted a programme supported by the International Monetary Fund and focused on addressing macroeconomic challenges of the country, Bo Li, the Deputy Managing Director of the IMF said on Tuesday.
An economic team of the Georgian Government and the Governor of the National Bank of Georgia on Wednesday discussed cooperation with the International Monetary Fund in a meeting with Jihad Azour, the Director of the Fund’s Middle East and Central Asia Department.
Georgian Prime Minister Irakli Garibashvili on Wednesday met Jihad Azour, the Director of the Middle East and Central Asia Department of the International Monetary Fund, to review the Fund’s new three-year, $280 million Stand-by Arrangement that aims to “further strengthen” microeconomic stability in Georgia.
Fitch Ratings, a global financial ratings firm, has affirmed Georgia’s Long-Term Foreign-Currency Issuer Default Rating status at a BB level, with a “stable” outlook for the country’s financial developments.
Georgian finance minister Lasha Khutsishvili has discussed cooperation between Georgia and international financial institutions as part of his ongoing visit to the United States for annual meetings of the International Monetary Fund and the World Bank Group.
Georgian authorities and the International Monetary Fund have reached a staff-level agreement on policies for completion of the first review of the stand-by arrangement following "productive discussions" between the sides, which will allow the organisation to allocate $38 million for the country, the IMF announced on Monday.