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IMF approves $154 mln loan program for Georgia
July 31, 2014 / 5:05 PM / 3 years ago

IMF approves $154 mln loan program for Georgia

WASHINGTON, July 31 (Reuters) - The International Monetary Fund on Thursday signed off on a $154 million loan program for Georgia, meant to help the ex-Soviet republic shore up its economy amid greater geopolitical tensions affecting neighboring countries.

The IMF said the approval of the three-year loan program means Georgia gets an immediate disbursement of about $62 million. The program is meant to help shore up reserves and address economic vulnerabilities that still remain after the country’s last $386 million IMF loan program from 2012 to 2013.

“Regional geopolitical tensions and potential spillovers from neighboring countries may affect the prospects for the economy, especially for trade, remittances and potentially foreign direct investment,” the IMF said in a statement. (Reporting by Anna Yukhananov; Editing by Meredith Mazzilli)

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