IMF may approve new stand-by program for Georgia in July
TBILISI. March 15 (Interfax) - Negotiations between the International Monetary Fund (IMF) and the Georgian government about a new stand-by program are in their final stages, the IMF office in Georgia told Interfax.
"The new stand-by program for Georgia should be approved at the IMF executive board meeting in mid-April. The program includes certain financial resources that the country can use if necessary," a spokesman for the fund said, adding that the program is aimed mainly at supporting economic reform.
The IMF on September 15 2008 opened an 18-month reserve line of credit for Georgia within a stand-by program of 477.1 million SDR ($750 million). The money was aimed at replenishing National Bank of Georgia foreign currency reserves. The IMF board in August 2009 expanded the line of credit by 270 million SDR ($428 million) and extended the term to June 14 2011. The additional funds were aimed at supporting the country's budget and balance of payments.
Georgia owes the IMF $994.2 million as of March 1 2012, including government debt of $401.3 million and National Bank debt of $592.9 million.