Buzz Update IMF Executive Board Approves US $ 280 Million Stand-By Arrangement for Georgia TOU

Buzz Update IMF Executive Board Approves US $ 280 Million Stand-By Arrangement for Georgia
 TOU

IMF Executive Board Approves US $ 280 Million Stand-By Arrangement for Georgia

IMF Executive Board Approves US $ 280 Million Stand-By Arrangement for Georgia

June 15, 2022

  • The IMF approved today a three-year Stand-By Arrangement (SBA) for Georgia of US $ 280 million.
  • The program focuses on rebuilding fiscal buffers, strengthening fiscal frameworks, reducing external vulnerabilities and inflation, maintaining financial sector resilience, and fostering stronger and more inclusive growth.
  • The authorities intend to treat the arrangement as precautionary.

Washington, DC – June 15, 2022: The Executive Board of the International Monetary Fund (IMF) today approved a US $ 280 million (100 percent of quota and SDR 210.4 million) StandBy Arrangement for Georgia which provides support for the authorities’ economic policies over the next three years. The Board’s decision makes about US $ 40 million (SDR 30 million or 14.3 percent of Georgia’s quota) immediately available. The Georgian authorities intend to treat the new arrangement as precautionary.

The authorities’ IMF-supported program seeks to further entrench macroeconomic stability, build resilience, and strengthen medium-term growth as the country emerges from the COVID19 pandemic and contends with spillovers from the war in Ukraine.

Press Release is expected to be published on Friday, June 17, 2022.

                <div class="imf-com">
                    <h5>IMF Communications Department</h5>
MEDIA RELATIONS

PRESS OFFICER: Nadya Saber

Phone: +1 202 623-7100Email: [email protected]

@IMFSpokesperson

    </div>

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