The National Bank of Georgia and the IMF are consulting on the allocation of the next tranche
The National Bank of Georgia and the International Monetary Fund are holding consultations in order to clarify the issue of the previously postponed second review under the Agreement on Reserve Financing (SBA), Chairman of the Finance and Budget Committee of the Parliament of Georgia Paata Kvizhinadze said on Rustavi 2.
In July 2023, the IMF postponed the second review under the Agreement on Reserve Financing (SBA), after which Georgia was to receive 30 million SDR (about 40 million US dollars). Neither the National Bank of Georgia nor the IMF indicated what was the reason for such a decision. The National Bank explained that cooperation with the organization continues.
"They (the IMF - approx.) there were no comments in accordance with their activities with the National Bank. Consultations are underway between the National Bank and the Monetary Fund to clarify everything, so that the program will then be approved," Kvizhinadze said.
According to Kvizhinadze, Georgia has not taken money from the IMF for several years, as it was not necessary.
"As for the opposition's statement that some funds were lost, I want to tell you that we have not received funds from the Monetary Fund for several years, we do not need them, and that is why, in general, the Monetary Fund, when it used to finance, financed replenishment of the reserves of the National Bank", - Kvizhinadze declared.
Cooperation with the IMF
The IMF has been helping Georgia implement structural reforms for many years.
The first three-year program aimed at supporting economic reforms in Georgia, which the IMF approved in April 2017, ended in 2021. Total payments under the program amounted to 687 million dollars.
In 2022, Georgia and the IMF agreed on a new three-year program for the country.
The IMF Executive Board has already approved a Stand By agreement with the Government of Georgia in the amount of 280 million dollars (100% quota and 210.4 million SDR).
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.
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The National Bank of Georgia and the IMF are consulting on the allocation of the next tranche
The National Bank of Georgia and the International Monetary Fund are holding consultations in order to clarify the issue of the previously postponed second review under the Agreement on Reserve Financing (SBA), Chairman of the Finance and Budget Committee of the Parliament of Georgia Paata Kvizhinadze said on Rustavi 2.
In July 2023, the IMF postponed the second review under the Agreement on Reserve Financing (SBA), after which Georgia was to receive 30 million SDR (about 40 million US dollars). Neither the National Bank of Georgia nor the IMF indicated what was the reason for such a decision. The National Bank explained that cooperation with the organization continues.
"They (the IMF - approx.) there were no comments in accordance with their activities with the National Bank. Consultations are underway between the National Bank and the Monetary Fund to clarify everything, so that the program will then be approved," Kvizhinadze said.
According to Kvizhinadze, Georgia has not taken money from the IMF for several years, as it was not necessary.
"As for the opposition's statement that some funds were lost, I want to tell you that we have not received funds from the Monetary Fund for several years, we do not need them, and that is why, in general, the Monetary Fund, when it used to finance, financed replenishment of the reserves of the National Bank", - Kvizhinadze declared.
Cooperation with the IMF
The IMF has been helping Georgia implement structural reforms for many years.
The first three-year program aimed at supporting economic reforms in Georgia, which the IMF approved in April 2017, ended in 2021. Total payments under the program amounted to 687 million dollars.
In 2022, Georgia and the IMF agreed on a new three-year program for the country.
The IMF Executive Board has already approved a Stand By agreement with the Government of Georgia in the amount of 280 million dollars (100% quota and 210.4 million SDR).
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.
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