IMF approves new program for Georgia
Georgia, Tbilisi, April 14 / Trend N. Kirtzkahlia /
The Board of Executive Directors of the International Monetary Fund (IMF) has approved a new cooperation program with Georgia.
According to the approved program for 2012-2013, the country can use credit resources of the fund to the amount of $387 million, IMF representative office in Georgia told Trend on Saturday.
"The government can use these funds, to be allocated to Georgia as the Stand-by Arrangement and the Stand-by Credit Facility by equal parts, at any time within this program if there is a necessity," IMF representative office said.
While considering the possible allocation of the amount, Georgian Finance Minister Dmitry Gvindadze said that the country is unlikely to require IMF new resources.
"The treasury has enough money not to resort to IMF additional borrowings to fulfill the IMF budget commitments," he said.
As of April 1, 2012, Georgia's debt to the IMF amounted to $958.4 million, including state debt - $399.5 million, the debt of the National Bank - $558.9 million.