IMF promises financial support to Georgia
The investment climate in Georgia, current economic processes, as well as the dynamics of economic recovery in the post-pandemic period were discussed at a meeting between Prime Minister Irakli Garibashvili and Managing Director of the International Monetary Fund Kristalina Georgieva in Davos, the press service of the Government Administration reports.
This year Georgia and the IMF agreed on a new three-year program for the country. According to the agreements, payments under the new program will amount to 289 million dollars (210 million SDR). This amount assumes a 100% quota of Georgia.
The new three-year program will help preserve and strengthen Georgia's macroeconomic and financial stability, as well as contribute to its strong and more inclusive growth. To start implementing the program, it must be reviewed and approved by the IMF Board of Directors.
The previous three-year program aimed at supporting economic reforms in Georgia, which the IMF approved in April 2017, ended in 2021. The total payments under the program amounted to 687 million dollars.
"We are at the final stage of preparing a reserve financing mechanism based on the principles of prudence to support reforms in Georgia," Georgieva wrote on Twitter.
In addition, the issue of Georgia's application for EU membership was touched upon during the meeting. The Prime Minister noted that Georgia filled out the questionnaire of the European Commission in advance and is now waiting for a decision.
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IMF promises financial support to Georgia
The investment climate in Georgia, current economic processes, as well as the dynamics of economic recovery in the post-pandemic period were discussed at a meeting between Prime Minister Irakli Garibashvili and Managing Director of the International Monetary Fund Kristalina Georgieva in Davos, the press service of the Government Administration reports.
This year Georgia and the IMF agreed on a new three-year program for the country. According to the agreements, payments under the new program will amount to 289 million dollars (210 million SDR). This amount assumes a 100% quota of Georgia.
The new three-year program will help preserve and strengthen Georgia's macroeconomic and financial stability, as well as contribute to its strong and more inclusive growth. To start implementing the program, it must be reviewed and approved by the IMF Board of Directors.
The previous three-year program aimed at supporting economic reforms in Georgia, which the IMF approved in April 2017, ended in 2021. The total payments under the program amounted to 687 million dollars.
"We are at the final stage of preparing a reserve financing mechanism based on the principles of prudence to support reforms in Georgia," Georgieva wrote on Twitter.
In addition, the issue of Georgia's application for EU membership was touched upon during the meeting. The Prime Minister noted that Georgia filled out the questionnaire of the European Commission in advance and is now waiting for a decision.
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