International Monetary Fund (IMF) intends to launch a 3-year software of 285 million Dollars in Georgia, IMF Goal head Mercedes Sentira Martins told reporters together with a joint briefing with Reverend of Finance Dimitri Kumsishvili in addition to President of Country’s Bank of Ga (NBG) Koba Gvenetadze.
The program will cultivate and strengthen NBG supplies. The program inauguration will give an attractive signal to people, Koba Gvenetadze said.
?”I am pleased that today all of us notify you an achieved agreement on inauguration of a 3-year program that’s developed by our govt and will be implemented by simply IMF support. This is a EFF software that, as a rule, will be allocated to countries with short-term problems in transaction balance. As part of the pointed out program, NBG will receive around 285 million USD to get 3 years so as NBG develop and grow stores, because stronger roles of NBG reserves improves steadiness of the country in order to shocks. Moreover, expense inflows and macroeconomic stability at the same time grow.
IMF program implementation provides a positive indication for potential shareholders, both foreign in addition to domestic investors. These program proves in which Government of Ga carries out positive and good macroeconomic policy that provides additional stimulus in making foreign direct opportunities in the country.
We also decide to sign a memorandum involving Ministry of Finance as well as NBG on liquidity projecting to become able to anticipate liquidity and lower assets risks.
Moreover, we help to make focus on development of stock and capital market segments. To be precise, for the purpose of advancement of secondary securities marketplace, we have developed a technique for capital market advancement. We have been implementing virtually all components of the strategy comprehensive.
As to finance sector, a planned measures usually are directed to improving stability of financial system to advertise establishment of nutritious standards and limit growth in debts inside system. Moreover, many of us plan to implement steps in various directions, as well as growth in minimal funds for banks. Right now this indicator could be the lowest in Georgia and this step will always make signal that economically strong institutions should be able to carry out banking things to do in Georgia”, NBG President Koba Gvenetadze mentioned.