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IMF to give Georgia $285M to support economic reforms

Georgia Materials 13 April 2017 15:32 (UTC +04:00)
The International Monetary Fund (IMF) will allocate $285.3 million to Georgia to support the government’s economic reform program.
IMF to give Georgia $285M to support economic reforms

Baku, Azerbaijan, Apr. 13

By Leman Zeynalova – Trend:

The International Monetary Fund (IMF) will allocate $285.3 million to Georgia to support the government’s economic reform program.

On April 12, the Executive Board of IMF approved a three-year extended arrangement under the Extended Fund Facility (EFF) for Georgia for an amount of about $285.3 million or 100 percent of quota, IMF said in a message on its website.

“The EFF-supported program will help Georgia reduce economic vulnerabilities, pursue well-coordinated policies, and promote economic growth,” said the message.

The program includes ambitious structural reforms to generate higher and more inclusive growth, focusing on improving education, investing in infrastructure, making the public administration more efficient, and further improving the business environment to boost the private sector as a growth engine.

The IMF Executive Board’s approval allows for an immediate disbursement of about $40.7 million. The remaining amount will be phased over the duration of the program, subject to six semi-annual reviews.

Following the Executive Board discussion, IMF Deputy Managing Director and Acting Chair Tao Zhang said that Georgian authorities’ program supported by the Extended Fund Facility will help address the economic challenges the country faces by reducing fiscal deficits while shifting public spending toward investment, accelerating structural reforms, strengthening the monetary policy framework, and enhancing financial sector supervision, safety nets, and bank resolution frameworks.

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