Georgia to receive $286 million in reserve asset from IMF
The 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. Photo: Nino Alavidze/Agenda.ge.
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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’.
The SDR allocation will benefit all members, address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy. It will particularly help our most vulnerable countries struggling to cope with the impact of the Covid-19 crisis,” Georgieva said.
The general allocation of SDRs became effective on August 23, 2021. The newly created SDRs will be credited to IMF member countries in proportion to their existing quotas in the fund.
The previous similar distribution took place in 2009, when the IMF introduced the SDR equivalent of $250 billion to help member countries emerge from the 2008 global financial crisis. During this round of allocations, Georgia received 144 million SDRs (equivalent to $225.5 million).
The International Monetary Fund (IMF) projects the Georgian economy to grow 7.7% in 2021, 'a significant upgrade from just a few months ago, which implies that output will exceed its 2019 level this year', reads a concluding statement of the IMF staff at the end of an official visit in Georgia.
Georgian Prime Minister Irakli Garibashvili has discussed the Covid-19 situation with the area mission chief of the International Monetary Fund James John during an online meeting earlier today.
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 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 economic trends of Georgia, current and future reforms, as well as macroeconomic indicators and forecasts, were discussed on Friday by the Georgian economy minister Levan Davitashvili and James John, the mission chief of the International Monetary Fund.