IMF Mission Visits Georgia

(Tbilisi, June 23, 2003, Civil Georgia) – Mission of the International Monetary Fund (IMF), led by Paulo Neuhaus, Assistant Director in the European II Department, arrives today in Georgia to evaluate implementation of the fund?s recommendations by the Georgian authorities.

?If the IMF delegation will not see each of their recommendations met, they will suspend cooperation with Georgia,? President Shevardnadze told the economic team of the government on June 10.

During the previous visit of the IMF mission in March the fund recommended to reduce the expenditures of the budget by 113 million Lari ($53 million) to avoid deficit; to improve the energy system administration and increase the electricity tax; conduct an independent audit of the Poti Port, Georgian Railways and Madnuili (mining) companies; to settle the tax transfer issues with Autonomous Republic of Adjara; to adopt the laws preventing the money laundering law.

Only this latter condition was fulfilled so far, as the Parliament passed the bill on June 6.

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