Georgia: Request for Stand-By Arrangement: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Georgia

Author: International Monetary Fund

Volume/Issue: Volume 2008 Issue 328

Publication date: October 2008

ISBN: 9781451814675

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Topics covered in this book

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Banks and Banking , Exports and Imports , Money and Monetary Policy , Public Finance , ISCR , CR , stand-by arrangement informational annex , stand-by , request , investor confidence , arrangement , arrangement informational annex , IMF quota , GRA credit , International reserves , Credit , Global

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Nepal

Peru

Republic of Congo : 2001 Article IV

Summary

This paper examines Georgia’s request for an 18-month arrangement for SDR 477.1 million, equivalent to about US$750 million, which would constitute exceptional access. IMF support to the government’s macroeconomic policies is intended to provide the needed financing to rebuild gross international reserves, and to help restore investor confidence. Monetary policy has to tackle the dilemma of providing sufficient liquidity to the banking system while stabilizing the exchange rate and avoiding an excessive loss of international reserves.