About Civil.ge
Eng | Geo | Rus
Last updated: 10:55 - 1 May.'18
IMF Approves USD 385.6m Precautionary Program for Georgia
Civil Georgia, Tbilisi / 13 Apr.'12 / 18:35

The International Monetary Fund (IMF) approved on April 11 a 24-month USD 385.6 million precautionary loan program for Georgia, evenly divided between Standby Arrangement (SBA) and Standby Credit Facility (SCF) arrangements.

IMF said in a statement on April 12, that the Georgian authorities “intend to treat the arrangements as precautionary”, meaning that Georgia will not draw upon approved resources, but retain the option to do so in the event of a significant worsening of external economic and financial conditions.

Georgia’s previous program with IMF, running for 33 months under the Stand-By Arrangement, expired last June; total of USD 893 million was disbursed under that previous program.

Loan under the Standby Credit Facility arrangement was added to the new program for Georgia, which is used by IMF for low-income countries, which have reached broadly sustainable macroeconomic positions, but may experience episodic, short-term financing needs.
IMF said in the statement, that Georgia’s economic performance in 2011 was stronger than originally envisaged, with growth reaching 7%; inflation converging to the low single digits; government debt falling to 34% of GDP and international reserves increasing to USD 2.8 billion.

“Despite these achievements, the unsettled external environment has increased external risks. At this juncture, the economic outlook for 2012 remains relatively favorable, with growth projected to slow to 6 percent and inflation remaining subdued,” IMF said.

It said that medium-term challenges remain, notably in terms of lowering the current account deficit, which stood at 11.8% of GDP in 2011 and reducing unemployment, which according to official data stood at 16.3% in 2010.

Latest News
01 May.'18 10:55
We Have Moved to a New Platform
Direct Your Bookmarks to https://civil.ge.
29 Apr.'18 03:54
Ruling Party Candidate Wins MP By-Elections
Givi Chichinadze will represent Vani and Khoni single-mandate constituency in the Parliament of Georgia.
28 Apr.'18 09:40
Polls Open for Vani and Khoni MP By-Elections
48,123 voters are eligible to cast their ballots in Vani and Khoni single-mandate constituency.
27 Apr.'18 17:23
State Dept’s Europe Affairs Point Man to Visit Tbilisi
Wess Mitchell will meet senior government officials and address the NATO-Georgia Public Diplomacy Forum.
27 Apr.'18 13:45
In Quotes: Georgian Politicians on Ex-PM Bidzina Ivanishvili’s Comeback
Bidzina Ivanishvili will be approved as the Georgian Dream party chairman at the upcoming convention.
26 Apr.'18 18:15
SG Jens Stoltenberg: Georgia NATO’s ‘Very Close’ Partner
The NATO Secretary General says Foreign Ministers meeting tomorrow will recognize the country’s progress.
26 Apr.'18 14:24
Ex-PM Ivanishvili to Chair Georgian Dream Party
Prime Minister Giorgi Kvirikashvili said Ivanishvili was ‘best equipped’ to add new dynamism to the party.
26 Apr.'18 11:12
Lawmaker Proposes Criminal Liability for ‘Insult of Religious Feelings’
The parliamentary human rights committee decided to set up a working group for scrutinizing the draft law.
25 Apr.'18 17:21
New Abkhaz Government Head Appointed
Gennady Gagulia has served as the Abkhaz “prime minister” twice - in 1995-1997, and 2002-2003.
25 Apr.'18 14:43
Watchdog Improves Georgia’s Press Freedom Ranking
None of the countries of the former Soviet Union (except the Baltics) are ranked ahead of Georgia.

About Civil Georgia
Civil.Ge © 2001-2021, Daily News Online
Registered office: 2 Dolidze Str, 4-th Floor.