The Executive Board of the International Monetary Fund (IMF) today completed the seventh and eighth reviews of Georgia`s economic performance under a Stand-By Arrangement (SBA) for an amount equivalent to SDR 477.1 million (about US$728 million1) approved on September 15, 2008.
On August 6, 2009, the Executive Board approved an augmentation of access under the SBA to an amount equivalent to SDR 747.1 million (about US$1 billion) and an extension of the SBA until June 14, 2011.
The completion of the seventh and eighth reviews allows for the immediate disbursement of an amount equivalent to SDR 100 million (about US$153 million). In completing the review the Executive Board granted waivers for the nonobservance of the end-December 2010 performance criteria on the cash deficit of the consolidated government and total expenditures of the general government. The Executive Board also approved the rephasing of the remaining disbursements under the SBA.
