Georgia and the International Monetary Fund Mission concluded an agreement on a three-year standby arrangement. The Fund-supported arrangement is subject to approval by the IMF Executive Board, which is expected to consider it in May 2022.

The authorities’ program would help Georgia maintain and further entrench macroeconomic and financial stability and achieve stronger and more inclusive growth. Once the program is approved, Georgia will be able to receive approximately USD 289 million over the next three years, as needed.

“Georgia’s financial sector has shown considerable resilience to the pandemic and the war in Ukraine, reflecting a robust supervisory and regulatory framework including the introduction and recalibration of macroprudential measures. Quick and appropriate NBG action has helped limit the impact of the war on the region’s economy, including by requiring banks to adhere to relevant sanctions,” Koba Gvenetadze said.