International Monetary Fund considers 'additional financing' to support Georgia in fight against COVID-19
The statement reads that the pandemic of the coronavirus worsened the outlook of the Georgian economy and that the government, in response, has been carrying out various measures to reduce the effect of the crisis on the population and economy. Photo: Nino Alavidze/Agenda.ge.
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The International Monetary Fund (IMF) is working with the Georgian authorities to provide 'additional financing' to contain the spread of the coronavirus and support the Georgian people and economy, announced the Mission Chief for Georgia at the International Monetary Fund (IMF) Mercedes Vera-Martin in a statement published on March 30.
The statement reads that the pandemic of the coronavirus worsened the outlook of the Georgian economy and that the government, in response, has been carrying out various measures to reduce the effect of the crisis on the population and economy.
The outbreak of the COVID-19 pandemic has affected the Georgian people and worsened the outlook for the Georgian economy. The IMF is working closely with the authorities to provide support under the Extended Fund Facility arrangement, including through additional financing, to contain the spread of the virus and support the economy and the Georgian people”, said Vera-Martin.
The last visit of the IMF mission led by Vera-Martin was held on February 5-11, 2020 in Georgia. During the visit the IMF team discussed economic and financial developments and progress with structural reforms with the Georgian authorities.
At the end of the visit, Vera-Martin issued a statement in which she said that the growth outlook for 2020 remained stable, at 4.3 per cent.
A total of 17,500,000 GEL (about $5.31m/€4.83m) has already been accumulated in the StopCov fund as of March 30. The funds raised in the StopCoV fund, that was created on March 23, will be used to meet 'identified needs'.
The United States Government is providing $1.1 million assistance to Georgia in response to the COVID-19 pandemic. This will help prepare laboratory systems, activate case-finding and event-based surveillance, support technical experts for response and preparedness, bolster risk communication and more
The World Bank is offering €45 million to support Georgia implement ongoing reforms in areas critical for inclusive economic growth and also assist in the country’s efforts to mitigate the economic impact of the COVID-19 pandemic.
The International Monetary Fund (IMF) is committed to providing support to Georgia under the challenging and uncertain circumstances due to the coronavirus, said IMF Resident Representative in Georgia Selim Cakir.
A total of 2 billion GEL (about $0.60b/€0.55b) has been allocated to assist the Georgian economy in the tough period caused by the coronavirus global crisis, announces Prime Minister Giorgi Gakharia.
The European Bank for Reconstruction and Development (EBRD) is pledging financing to help firms in Georgia deal with the impact of the coronavirus outbreak, announces the EBRD.
The government of Poland has gifted over 500 liters of disinfectant, 22 units of spraying equipment and three heating devices for field tents to the Emergency Management Service of Georgia to help the country fight against the spread of coronavirus.
The International Monetary Fund (IMF) has praised the steps of the Georgian government to support its citizens and the private sector amid the coronavirus pandemic. The IMF is allocating financial support for Georgia in the framework of the Extended Fund Facility (EFF) programme to minimize the coronavirus’ impact on the Georgian economy.
The International Monetary Fund (IMF) is offering $450 million to help Georgia contain the COVID-19 pandemic and limit its economic impact, announces the IMF. The IMF reached an agreement with the Georgian authorities for the completion of the Sixth Review and an augmentation of access under the Extended Fund Facility.
The European Union, Asian Development Bank, the European Bank for Reconstruction and Development, European Investment Bank, German Development Fund, French Development Agency will support the Georgian economy with $1.5 billion by the end of 2020, announced Georgian Prime Minister Giorgi Gakharia today.
The European Bank for Reconstruction and Development (EBRD) and the National Bank of Georgia (NBG) are increasing the availability of the Georgian national currency, the lari (GEL), to private companies in a joint move to support businesses suffering from the impact of the coronavirus pandemic, announces the EBRD.
The Georgian Football Federation will receive €4.3 million from UEFA to overcome the financial impact caused by the coronavirus pandemic. In addition to Georgia UEFA is helping all its 55 member associations. For this reason UEFA has allocated €236.5 million which will be distributed to the national associations to cover running costs and to help develop targeted areas of domestic football.
The Executive Board of the International Monetary Fund (IMF) has approved $200 million for Georgia to help address the effects of the coronavirus. This, IMF said, will help Georgia “meet urgent balance of payments and fiscal needs” stemming from the COVID-19 pandemic, including “increased spending on health services and social protection”.
The International Monetary Fund (IMF) has approved a general allocation of Special Drawing Rights (SDRs) equivalent to $650 billion of which Georgia will receive SDR 202 million which is equivalent to $286 million. IMF Managing Director Kristalina Georgieva said that this is a historic decision and the largest SDR allocation in the history of the IMF and ‘a shot in the arm for the global economy at a time of unprecedented crisis’.