News Brief No. 02/76

News Brief: IMF Completes Second Review of Georgia's PRGF Arrangement

July 25, 2002

The Executive Board of the International Monetary Fund (IMF) has completed the second review of Georgia's performance under the Poverty Reduction and Growth Facility (PRGF) arrangement.

The final decision of the IMF Executive Board was contingent on a decision by the Executive Board of the World Bank on July 19, 2002 (see News Brief No. 02/67). That decision concluded that the Poverty Reduction Strategy Paper for Georgia is satisfactory and provides a sound basis for continued access to International Development Association adjustment lending.

The completion of the second review enables Georgia to draw an amount equivalent to SDR 22.5 million (about US$30 million) from the IMF.

Georgia's arrangement under the PRGF was approved on January 12, 2001, in an amount equivalent to SDR 108 million (about US$144 million —see Press Release No. 01/4). So far, Georgia has drawn SDR 27 million (about US$36 million).