IMF Approves USD 21.5 Million for Georgia

The Executive Board of the International Monetary Fund (IMF) has completed its first review of Georgia’s performance under the three-year Poverty Reduction and Growth Facility (PRGF) arrangement and approved the disbursement of USD 21.5 million for the country, according to a press release issued by the IMF on December 21. 
 
The IMF’s Executive Board approved a three-year arrangement for Georgia on June 4.  The total sum of this arrangement will total close to USD 150.3 million.
 
Following the Executive Board’s discussion, Takatoshi Kato, Deputy Managing Director and Acting Chairman for PRGF, said ?economic performance under the Fund-supported program has been impressive in 2004.  Rapid gains in tax collection-thanks to an anti-corruption drive and improved revenue administration-have permitted an impressive turnaround in the fiscal position.?
 
?The government has also made good progress in structural reforms, albeit with delays. The authorities have also announced an ambitious privatization program and supporting steps to improve the business climate [of Georgia],? Takatoshi Kato added.