President Happy With IMF’s Decision

(Tbilisi, Civil Georgia, July 15, 2002) – President Shevardnadze expressed satisfaction with the decision of the International Monetary Fund (IMF), which will enable Georgia to draw about USD 30 million from the IMF.

On July 12 the Executive Board of the IMF completed its second review of Georgia’s economic performance under the program supported under a three-year Poverty Reduction and Growth Facility (PRGF) arrangement.

In his radiobroadcast on July 15 Eduard Shevardnadze said that the IMF’s decision proves that the organization supports Georgia’s policy.

The Board’s decision will become effective after the World Bank’s review of the progress on the development of Georgia’s full Poverty Reduction Strategy Paper (PRSP).    

USD 30 million is vital for the Georgian budget, which suffers with permanent shortfalls.