IMF approves 153 million U.S. dollar loan to Georgia

08:26, January 14, 2011      

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The International Monetary Fund on Thursday approved the allocation of a 153 million U.S. dollar loan to Georgia.

The loan is within the framework of the IMF 1 billion-dollar assistance program toward the South Caucasus country.

The IMF board of directors made the approval after having completed the seventh and eighth reviews of Georgia's economic performance under a standby arrangement.

The IMF approved in September 2008 an assistance package worth 728 million dollars in total. The package was augmented to amount to 1 billion dollars in August 2009.

"Backed by the steady implementation of the program's economic policies, Georgia's economic recovery has strengthened, as evidenced by better-than-expected growth and the stabilization of the exchange rate," said Murilo Portugal, who is the deputy managing director and acting chair of the IMF board.

Source: Xinhua
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