Donor Organizations to Assist Georgia with USD 1.5 Billion

The prime minister  discussed the agreement reached with the International Monetary Fund (IMF) during the press conference.

He noted that Georgia will be the first country to reach an agreement with IMF on the conditions of the extension of the program, which will provide the Georgian economy with an additional $447 million over a period of one year.

Giorgi Gakharia expressed special thanks to the European Union, the World Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the German Development Bank, and the French Development Agency, adding that according to initial negotiations with all these donor organizations, they will support the Georgian economy with an injection of $1.5 billion until the end of the year.

According to the head of government, this constitutes budgetary and targeted assistance that will be directed toward budgetary support, as well as to specific projects.

The prime minister also discussed close cooperation with the financial and banking sectors.

"With the aim of supporting them, we conducted negotiations with the same donor organizations, which additionally expressed readiness to provide the private sector, financial sector, and real sector of Georgia with $1.5 billion in assistance. These funds have already been mobilized by the donor organizations and in case of necessity, our business and financial sector will be able to utilize these funds," the prime minister stated, adding that this process was preceded by three weeks of quite difficult negotiations.

According to Giorgi Gakharia, this is the main base portfolio of crisis assistance, the preliminary agreement on which can be considered to have been reached.

"This allows us to begin the actual work on the post-crisis plan of economic recovery together with the economic team and international and donor organizations. This is a different story, this is a different plan, and of course I am certain that Georgia will be able to attract even more financial resources for post-crisis economic recovery," the prime minister stated.