IMF Allocates Over $285 Million to Georgia for Economic Reforms

Georgia will get over $285.3 million in the next three years from the International Monetary Fund (IMF) to carry out a package of economic reforms in the country.

WASHINGTON (Sputnik) — The IMF said in a press release on Wednesday its executive board has approved an extended arrangement of $285.3 million to Georgia to support the country's economic reform program, with nearly $41 million to be disbursed right away.

"On April 12, 2017, the Executive Board of the International Monetary Fund (IMF) approved a three-year extended arrangement under the Extended Fund Facility (EFF) for Georgia for an amount of SDR 210.4 million (about $285.3 million or 100 percent of quota) to support the authorities’ economic reform program," the release stated.

The IMF noted that the goal of the Extended Fund Facility program is to help Georgia reduce economic vulnerabilities and promote economic growth.

The approval will allow $40.7 million to be disbursed immediately, and the rest phased in over the remainder of the three years with six semi-annual reviews, the release added.