Georgia increases its IMF quota 40% to 210 mln SDR
TBILISI. Nov 28 (Interfax) - The Georgian government has decided on the basis of Finance Ministry information to increase the country's International Monetary Fund (IMF) quota by 40% (60.1 million SDR) to 210.1 million SDR in line with IMF resolution 66-2 from December 15, 2010.
"The National Bank of Georgia has been instructed to confirm to the IMF in writing the government's agreement to participate in the redistribution of IMF member quotas, which envisages raising Georgia's quota by 60.1 million SDR in accordance with the conditions established by resolution 66-2 from December 15, 2010 of the IMF Board of Governors," according to a mandate published on the Georgian government's website.
Georgia's IMF quota was previously 150 million SDR.
Georgia has been a member of the IMF since 1992.
On Tuesday, an IMF mission touched down in Georgia for a two-week working visit to monitor the economic situation in the country within the framework of a new cooperation program confirmed by the IMF's Board of Executive Directors on April 11, 2012.
According to this program, Georgia can use loans of 250 million SDR (around $387 million) in 2012-2013. These funds, which are being allocated in the form of a Stand-by Arrangement and Stand-by Credit Facility in equal parts of 125 million SDR each, are intended mostly to stabilize the country's macroeconomic indicators.
In September 2008, the IMF opened an 18-month reserve credit facility for Georgia in line with a stand-by program of 477.1 million SDR ($750 million), and in August 2009 it expanded the credit facility by 270 million SDR ($428 million) and extended the term to June 14 2011. Georgia used 577.1 million SDR (around $893 million) in this program.
As of November 1 2012, Georgia owned the IMF $821.6 million, including government debt of $397.3 million and National Bank debt of $424.3 million.