Georgia: Third Review Under the Stand-By Arrangement and Requests for Augmentation, Extension of the Arrangement, Rephasing of Purchases, and Modification of Performance Criteria: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Georgia

August 24, 2009

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Georgia: Third Review Under the Stand-By Arrangement and Requests for Augmentation, Extension of the Arrangement, Rephasing of Purchases, and Modification of Performance Criteria: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Georgia, (USA: International Monetary Fund, 2009) accessed November 25, 2024

Summary

This paper discusses key findings of the Third Review under the Stand-By Arrangement for Georgia. With monetary policy impaired by high dollarization, the authorities’ response to the downturn relies mostly on fiscal stimulus. The reduction of policy interest rates and ample liquidity injections have not led to a resumption of bank lending, owing to balance sheet weaknesses and higher credit risk. The authorities have thus decided to accommodate tax revenue losses in a higher deficit in 2009. The authorities have requested an augmentation of access and an extension of the arrangement through mid-2011.

Subject: Banking, Debt service, External debt, Financial institutions, Foreign exchange, Loans, Public debt

Keywords: Bank, Bank Republic, CR, Debt service, Executive board's discussion, Fund support, GDP deflator, Global, Inflation expectation, Investor, Investor confidence, ISCR, Loans

Publication Details

Pages:

88
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2009/267
Stock No:

1GEOEA2009003
ISBN:

9781451814705
ISSN:

1934-7685

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