"The IMF’s decision is a message to investors that Georgia is on the path of macroeconomic stability”, Deputy Minister of Finance, Nikoloz Gagua, noted about the Seventh Review of Georgia’s economic reform program supported by a four-year extended arrangement under the Extended Fund Facility (EFF) by the Executive Board of the International Monetary Fund (IMF).
According to him, the decision of the International Monetary Fund is important not only in the financial terms, but also in terms of support for the country.
"As soon as the pandemic started, we have launched negotiations with the International Monetary Fund to create a so-called fiscal and macroeconomic framework, on which the Georgian economy is based during the pandemic. However, Georgia was the first country to successfully conclude negotiations with the Fund on this topic. The International Monetary Fund clearly states that the steps taken by the state in terms of both business support and social measures are timely and adequate, and this is a recognition of our correct macroeconomic policy," - said Nikoloz Gagua.
However, the IMF will release SDR79 million (about $113.9 million) to help Georgia meet balance of payments needs stemming from the COVID-19 shock. Total disbursements so far under the arrangement amount to SDR406 million (about $585.4 million).
