IMF Boosts Aid to Georgia

TBILISI (Eurasianet)–In response to a call for help from the Georgian government, the International Monetary Fund has promised an additional $420 million to Georgia, increasing its total aid program to $ 1.2 billion.

The increased financial aid package, subject to approval by the IMF board, will be used to underwrite Georgia’s efforts to tackle the repercussions of the global economic crisis in the wake of the 2008 war with Russia.

Edward Gardner, head of the IMF mission in Tbilisi, stated in a July 27 press release that Georgia’s “strong record of reform and good performance on” the loan program gives the IMF “confidence about the authorities’ ability to steer the economy through a difficult adjustment period.”

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