Thursday, August 28, 2008
IMF to lend 750 million to Georgia
The International Monetary Fund has being considering lending Georgia USD 750 million to help restore investor confidence after Russia's invasion. According to a representative of the IMF, “Georgia is dependent on foreign capital to finance its trade deficit, raising concern that the country's economy may suffer if overseas investment slows”. The IMF has sent a mission to the country to assess the damage and its board is likely to consider a loan or credit line soon.