Georgia Receives $ 114 Million From IMF Due To COVID-19

International Monetary Fund (IMF) approved the provision of almost 114 million dollars under the extended lending facility for four years. This was reported by TASS citing the statement of the IMF press service.

“The IMF Executive Board has approved $ 113.9 million in aid to Georgia to meet the balance of payments needs arising from the [economic] shocks from COVID-19,” the document says.

In total, within the framework of the extended lending mechanism, Georgia received about $ 585.4 million from the IMF. The fund stressed that the authorities have taken all appropriate measures to mitigate the adverse economic and social impact of the shocks “in the face of a pronounced economic downturn.”

According to the IMF forecast, this year the world economy will record a significant decline of almost 4.4 percent, but it will recover and grow by 5.2 percent next year.

Earlier, the International Monetary Fund (IMF) refused to allocate a tranche to Ukraine within emergency financial assistance programs. The Minister of Finance of Ukraine Sergey Marchenko said that Ukraine was given a clear answer that it needs to work within the framework of the current program and fulfill its conditions, and the issue of emergency assistance is not considered by the Fund. In June, the IMF approved a loan to Ukraine within the framework of the stand-by lending mechanism for five billion USD.