Georgia to Get around $40 mln from the IMF

Georgia will get around $40 million from the International Monetary Fund (IMF).

The statement was made on May 13 by the IMF delegation head in Georgia, Mercedes Vera-Martin.

"As a result of productive discussions, the Georgian government and the IMF mission reached an agreement on completing the fourth review of the ongoing program in Georgia," she said. "This agreement needs to be approved by the Board of Executive Directors of the IMF, which discusses Georgia's issue in June of the current year. Successful completion of this review will result in giving Georgia 30 million SDRs (about $41.6 million)."

She noted that in the framework of the "Enhanced Financing Mechanism", the total reimbursement for Georgia will reach $207.9 million.

The IMF mission has already met the Minister of Finance, Ivane Matchavariani, National Bank Head Koba Gvenetadze and the Prime Minister of Georgia, Mamuka Bakhtadze.

Matchavariani said at the joint press-conference that Georgia's economic growth projection for the current year is 4.6%, adding it is remarkably high for the region and reaffirms the effectiveness of the reforms carried out by the Georgian authorities.

“I believe this trend will continue on the basis of the ongoing program and the economic dynamics of our country,” the Minister said.

By Thea Morrison