IMF Sets Targets for Georgia

(Tbilisi, July 9, 2003, Civil Georgia) – International Monetary Fund (IMF) mission that visited Georgia on June 24-July 7 issued a memorandum listing recommendations the Georgian authorities should fulfill before mid-August.

The fund listed the following recommendations: to cut 2003 budget expenditures by 95 million Lari (approximately USD 44 million); to add pension and state-sector wages backlog for 1998-2000 to the country’s domestic debt; to increase electricity tax; adoption of a new tax code.

Failure to comply with the IMF?s recommendations might result in the loss of the fund’s support during talks with the Paris Club on the rescheduling of Georgia’s foreign debt.
 

This post is also available in: ქართული (Georgian) Русский (Russian)