Baindurashvili: IMF Financial Assistance Is No Longer Required To Georgia

Georgia is no longer facing the need to obtain IMF financial assistance.

Finance Minister Kakha Baindurashvili made the statement at the final press conference of 2010.

The Executive Board of the International Monetary Fund (IMF) has already completed the seventh and eighth reviews of Georgia’s economic performance. The completion of these reviews allows for the immediate disbursement of an amount equivalent to SDR 100 million (about US$153 million).

As it is mentioned in the document, Georgia intends to consider the program as a preventive one and within the program not to attract any more funds.

"The economic recovery of Georgia has streghtened, and economic growth and stabilization of the exchange rate are evidence of this. This was facilitated by the steady implementation of economic measures envisaged under the program, -said Deputy Managing Director IMF Murilo Portugal.. "

The Programme of Georgia’s cooperation with the International Monetary Fund Fund will last until June 14, 2011.

Finance Minister Kakha Baindurashvili states that IMF financial assistance is no longer required for Georgia.

"The IMF no longer sees the need to continue active financial aid to Geiorgia”, - said Baindurashvili at the final press conference of 2010.

According to him, the IMF will presumably continue its technical assistance program to Georgia. (Prime-News)