The Executive Board of the International Monetary Fund (IMF) completed the First Review of Georgia’s performance under the three-year extended arrangement under the Extended Fund Facility (EFF) on a lapse of time basis.
The completion of the review enables the release of SDR 30 million (about $42.4 million), bringing total disbursements under the arrangement to SDR 60 million (about $84.8 million). The extended arrangement for SDR 210.4 million (about $297.5 million or 100 percent of quota) was approved by the Executive Board on April 12, 2017.
The program is on track with all end-June 2017 performance criteria and structural benchmarks met. Economic activity has strengthened on the back of stronger growth in main trading partners. Fiscal overperformance and efforts to address structural weaknesses have helped boost confidence.