16 Jun 2010 19:42

IMF to consider giving Georgia sixth tranche of stand-by loan in July

TBILISI. June 16 (Interfax) - The issue of providing Georgia with the sixth tranche of a stand-by loan from the International Monetary Fund (IMF), which was do be reviewed in June, will be voted on at the start of July, the head of the IMF's office in Georgia, Edward Gardner, told Interfax.

He said that an IMF stand-by program has been in effect since September 2008.

It was earlier announced that this tranche foresaw 560 million SDR (around $75 million), which would be used to assist Georgia with its budget.

In September 2008, the IMF opened an 18-month reserve loan facility worth 477.1 million SDR ($750 million). The funds were largely used for replenishing the National Bank of Georgia's forex reserves. In August 2009, the IMF's board of directors decided to expand the facility by 270 million SDR ($426 million) and extend its term by 15 months to June 2011.

Georgia to date has received five tranches from this worth a combined 527.1 million SDR (around $810 million).