The International Monetary Fund will allot the standby arrangement in amount of 750 million USD to Georgia.
On September 3, 2008 at the Chancellery of the Government the Prime Minister of Georgia Vladimer Gurgenidze and IMF Deputy Director of the Middle East and Central Asia Department David Owen held the joint briefing.
At the request of the Government of Georgia applied to the International Monetary Fund (IMF) for financial support, from August 23 until September 3 of this year Tbilisi was visited by IMF mission. As a result of the visit was attained the principal agreement on the allotment to the Georgian Government of 750 million US dollars financial package in kind of the standby arrangement for the term of eighteen months. This financial package shall be approved by the IMF Board of Directors which will consider the Georgian application in the middle September.
The purpose of IMF credit line is to support the economic policy pursued by the Georgian Government and to eliminate the economic and financial consequences resulted from the latest crisis. The reforms and proper macroeconomic policy implemented in Georgia has reinforced the stability of economy and established the firm foundation for overcoming the mentioned shock. The purpose of the IMF credit is to meet partially the possible obstacles in the foreign investment as well as preservation of the interest of foreign markets and investors' trust in Georgia that will ensure the long-term macroeconomic stability and will promote attraction of investments in the private sector and economic growth.
As the Prime Minister of Georgia stated, the IMF mission completed the work on the program in the shortest term. Vladimer Gurgenidze thanked the IMF mission representatives for support.
"I would like to note that this is a great program, more than 300% of the Georgian quota. This is an unprecedented support for Georgia. This is a great step for preservation of the investors' trust and interest in the Georgian economy as well as in its development and growth. This is the first signs only and we are waiting for economic aid programs of various content.
I am deeply convinced that that we will not only overcome that shock which has been suffered by the Georgian economy as a result of the Russian aggression in August but will pass to the nest stage of the investor's interest.
I would like to note that the economic policy having been pursued by Georgia within the last years, has no alternative, it is noteworthy and flexible, effective, liberal. We will preserve this position and this program is one more confirmation of the irreversible nature of our economic course, - stated Vladimer Gurgenidze.
The Prime Minister of Georgia also stated that the said sum will be used by the National Bank of Georgia for filling of the monetary reserves to promote the stability of financial system and reinforcement of lari.
Press Center of the Chancellery of the Government of Georgia