International Monetary Fund (IMF) decided to allocate nearly $75.3m to Georgia after it completed the fourth review of the program estimated at $1.2bn due till June, 2011.

“The Georgian economy shows tentative signs of recovery, but the external environment remains weak in terms of export market growth, and uncertain in terms of the recovery of private capital inflows. Furthermore, domestic credit conditions are still very tight, although interest rates have started coming down. For these reasons, risks remain elevated,” said Takatoshi Kato, Deputy Managing Director and Acting Chair.

In September 2008, IMF approved 18-month Stand-By Arrangement (SBA) for an amount equivalent to SDR 477.1 million (about $759.3 million), IMF press release reads.

Allotting of further tranches depends on observing terms by Tbilisi.

A.G.