IMF Approves US $11 Million Disbursement to Georgia

The Executive Board of the International Monetary Fund (IMF) on October 26 completed the first review of Georgia’s economic performance under the program supported by a three-year Poverty Reduction and Growth Facility (PRGF) arrangement. The completion of the review will enable Georgia to draw about US$11 million from the IMF.

According to the amendments passed by the Parliament on October 23, expenditures in the budget of 2001 were reduced with 183 million GEL ($91 million). This was the main demand of the IMF to the Georgian government for renewal of PRGF in Georgia.

“The Georgian authorities have made progress this year in implementing their three-year economic program, which seeks to lay the foundation for faster growth and poverty reduction”, Executive Board Deputy Managing Director and Acting Chairman Shigemitsu Sugisaki stated.

“However, it is essential to make faster progress in fighting corruption, to improve the business climate and help attract foreign direct investment, which is needed to underpin faster growth over the medium term”, concluded Shigemitsu Sugisaki. 

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