IMF to allocate $140 mln loan for Georgia

TBILISI. KAZINFORM The International Monetary Fund (IMF) will allocate a tranche of $140 million for Georgia.IMF's demands within the program titled 'Stand-By Arrangement' were discussed at a meeting of the government of Georgia, held on Thursday, Aug. 14, Trend reports.

Following the government meeting, Georgian Finance Minister Nodar Khaduri told reporters that Georgia will get these loan funds from IMF over the next three years. "A part of the tranche will go to the state budget, while another part may be directed at increasing foreign exchange reserves of the National Bank," he said. Khaduri said the allocation of the loan was discussed in 2013. "This is a moral support and confirmation of the fact that Georgian economy is developing in the right direction," the minister said.