IMF Allocates Next Tranche Of Financial Aid To Georgia

The International Monetary Fund has allocated a new tranche of financial aid worth of nearly $58.1 million to Georgia, the country's Ministry of Finance said on Dec.20.

The decision was made after reviewing the implementation of the economic aid program agreed with IMF by Georgia.

In total, Georgia received $116.3 million within this program that was approved on July 30.

In August of 2014 it was reported that IMF will allocate a tranche of $140 million for Georgia.

Georgian Finance Minister Nodar Khaduri told reporters at the time 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 at the time.

Khaduri said the allocation of the loan was discussed in 2013. (Cihan/Tren az)