The IMF allocated $ 113.9 million to Georgia to fight the pandemic
The executive board of the international monetary fund (imf) has completed the seventh review of georgia's economic reform program. this program is supported by the IMF's "extended funding mechanism" with 4-year funding.
As a result, Georgia will be allocated about $ 113.9 million, which will help " reduce the shock losses caused by the coronavirus."
Deputy director of the IMF and chairman of the assembly Tao Zheng said that the national bank of Georgia maintains a moderately tight monetary position to meet inflation expectations and ensure exchange rate flexibility.
"Tight monetary policy and currency interventions may be necessary to stop the market crash and move closer to the 3% inflation target," Zheng said, adding that macroeconomic policy discipline and donor support would keep foreign exchange reserves "at a sufficient level."
The national Bank of Georgia sold a total of 843 222 thousands of dollars on the 25 auctions conducted from March 13, 2020 .
The IMF said Georgia's fiscal response to the pandemic has helped mitigate the economic and social impact, and the 2021 budget will continue to support economic recovery.
The IMF also stressed that structural reforms, including in the judicial system, will improve the business climate and promote growth in which the private sector will lead. "After this write-off, the total amount of Georgia's write - off will be SDR 406 million (approximately $ 585.4 million)," the IMF said.
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