An International Monetary Fund (IMF) team led by Mercedes Vera Martin conducted discussions on the Sixth Review and on augmentation of access under the Extended Fund Facility (EFF) during April 1-13, 2020.

At the conclusion of the mission, Vera Martin issued the following statement:

“Following productive discussions, the Georgian authorities and the IMF team reached a staff-level agreement on the conclusion of the Sixth Review of the EFF arrangement. The team will also recommend an increase in IMF support to Georgia by 130% of the quota (about USD375 million) to help finance health and macroeconomic stabilization measures, meet urgent balance of payments needs arising from the COVID-19, and catalyze support from the international community. The disbursement associated with this review (about USD200 million) will be allocated for budget support to help the authorities meet urgent medical and socio-economic needs, to be disbursed with the completion of this review.

The agreement is subject to approval by the Executive Board. Consideration by the Executive Board is expected in early May. With the financing available to Georgia upon completion of the review, total disbursements under the EFF arrangement will amount to 155% of quota (at about USD450 million).

The IMF team would like to thank the authorities, our international development partners, and representatives of the private sector, for the open and constructive discussions”, - reads the statement.