IMF to allocate $390 million to Georgia, if necessary
Georgia, Tbilisi, March 28 /Trend N.Kirtzkhalia/
The IMF mission and the Georgian government have reached an agreement on a 24-month program.
Some $390 million in credit lines and credit mechanism will be allocated to Georgia in the frame of the program, IMF Mission Chief Edward Gardner said at a news briefing on Wednesday
"These funds will be awarded the status of funds used, if necessary. Government will be able to use it if the international economic situation will worsen and affects Georgia," Gardner said.
He stressed that such programs are also approved for economically strong countries, if necessary. Their purpose is to maintain macro-stability, exchange rate flexibility and international reserves.
Gardner said the program's goals have nearly all been achieved. In particular, economic stability is achieved, he added.
"2011 exceeded all expectations as the economy increased by 7 percent, inflation was low and unambiguous, an internal government debt does not exceed 34 percent of GDP and the country's international reserves amounted to $2.8 billion," Gardner said.