IMF assistance to Georgia

Finance Minister Kakha Baindurashvili has stated that the IMF is considering allotting an extra USD 420 million worth of credit to Georgia. The final decision will be taken by the Board of Directors of the IMF in August. If the loan is granted IMF assistance to Georgia will reach USD 1.164 billion.

The IMF’s Permanent Representative in Georgia, Edward Gardner, has expressed his confidence that additional assistance will help Georgia resist crisis and strengthen the country’s economic policy. He has also expressed his confidence that it will eventually strengthen the market and Georgia will regain investor trust.

Today Georgia’s external debt is GEL 4. 849 billion. One does not need to be economic expert to assume that living on loans is not good, but as the Georgian saying goes, if you owe someone 1,000 lari you are nervous, if you owe them 100,000 lari they are nervous.