The Mission of the International Monetary Fund (IMF) headed by the Chief of the IMF Department on Middle East and Central Asia John Wakeman-Linn arrived in Tbilisi at night.
The purpose of the missions visit to be lasted to August 19 is to discuss the fourth review on the Program of Financial Aid to Georgia by IMF within the Strategy on Overcoming of Poverty and Economic Development, as well as the general economic situation in the country
The fourth review within the PRGF Strategy is expected to be completed preliminarily till the end of 2006.
The program of financial aid to Georgia within PRGF was affirmed by the IMF Executive Council on June 4, 2004. The Executive Council made a decision on the allocation of the new credit at the rate of 98 m SDR (about $141, 1 m) to maintain the Georgian Governments economic program for the period from June 2004 to June 2007.
The credit was allocate within 10 years at 0,5 per cent of interest per year with a 5, 5 years grant period. Within the existing credit up today Georgia has already received four tranches with the total volume of 56 m. SDR (about $81 m).
The IMF tranches are aimed at the replenishment of international exchange reserves of the national Bank of Georga which at present exceed $0,5 b.