Georgia’s Finance Minister and Central Banker met with Executive Director of International Monetary Fund Anthony De Lannoy today to discuss the ongoing Extended Fund Facility under which Georgia is receiving US$285.3 million over a period of three years, Agenda reports.
The facility was confirmed last year and requires the Georgian government to meet several criteria including fiscal consolidation over the medium term as well as shift spending towards capital investments. Progress made by the country in this direction is revised time by time. The last review completed last week has assessed Georgia’s progress positively.
"Georgia has been making a lot of progress between the first and the second review, things are actually going very well. The fund is very pleased with that and we will be happy to discuss the program in a couple of weeks at the executive board,” Anthony De Lannoy said after a meeting with Georgian officials.
After the IMF executive board approves the second review Georgia will receive US$43.6 million over the course of this year.