{
  "title": "Georgia: Third Review Under the Stand-By Arrangement and Requests for Augmentation, Extension of the Arrangement, Rephasing of Purchases, and Modification of Performance Criteria: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Georgia",
  "publication": "IMF Staff Country Reports, August 24, 2009",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/georgia-third-review-under-the-stand-by-arrangement-and-requests-for-augmentation-extension-23213",
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  "summary": "This paper discusses key findings of the Third Review under the Stand-By Arrangement for Georgia. With monetary policy impaired by high dollarization, the authorities’ response to the downturn relies mostly on fiscal stimulus.",
  "sections": [
    {
      "heading": "Executive summary and context",
      "content": "- Paper discusses key findings of the Third Review under the Stand-By Arrangement for Georgia.\n- Authorities face monetary policy impairment due to high dollarization.\n- Authorities’ response to the downturn relies mostly on fiscal stimulus.\n- The authorities have requested an augmentation of access and an extension of the arrangement through mid-2011.\n- Publication date on the landing page: August 24, 2009."
    },
    {
      "heading": "Financial sector dynamics and monetary policy",
      "content": "- Reduction of policy interest rates and ample liquidity injections have not led to a resumption of bank lending.\n- Failure of monetary easing to stimulate lending is attributed to balance sheet weaknesses and higher credit risk."
    },
    {
      "heading": "Fiscal stance and policy decisions",
      "content": "- Authorities decided to accommodate tax revenue losses in a higher deficit in 2009.\n- Fiscal stimulus is the primary policy tool given constraints on monetary policy transmission."
    },
    {
      "heading": "Program requests and modalities",
      "content": "- Requested actions by the authorities:\n  - Augmentation of access.\n  - Extension of the arrangement through mid-2011.\n  - Rephasing of purchases.\n  - Modification of performance criteria."
    },
    {
      "heading": "Publication and metadata",
      "content": "- Subject classifications: Banking, Debt service, External debt, Financial institutions, Foreign exchange, Loans, Public debt.\n- Keywords as listed: bank, bank Republic, CR, Debt service, executive board's discussion, fund support, GDP deflator, Global, inflation expectation, investor, investor confidence, ISCR, Loans.\n- Pages: 88\n- Volume: 2009\n- Issue: 267\n- Series: Country Report No. 2009/267\n- DOI: https://doi.org/10.5089/9781451814705.002\n- Stock No: 1GEOEA2009003\n- ISBN: 9781451814705\n- ISSN: 1934-7685\n\nInternational Monetary Fund — Georgia: Third Review Under the Stand-By Arrangement and Requests for Augmentation, Extension of the Arrangement, Rephasing of Purchases, and Modification of Performance Criteria: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Georgia (August 24, 2009).\n\n---\n\n Content in this bundle\n\n- cr09267\n  - cr09267 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr09267 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Authors: Arrangement, Requests",
    "Published: August 24, 2009",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451814705.002",
    "Paper discusses key findings of the Third Review under the Stand-By Arrangement for Georgia.",
    "Authorities face monetary policy impairment due to high dollarization.",
    "Authorities’ response to the downturn relies mostly on fiscal stimulus.",
    "The authorities have requested an augmentation of access and an extension of the arrangement through mid-2011.",
    "Publication date on the landing page: August 24, 2009.",
    "Reduction of policy interest rates and ample liquidity injections have not led to a resumption of bank lending.",
    "Failure of monetary easing to stimulate lending is attributed to balance sheet weaknesses and higher credit risk.",
    "Authorities decided to accommodate tax revenue losses in a higher deficit in 2009.",
    "Fiscal stimulus is the primary policy tool given constraints on monetary policy transmission.",
    "Requested actions by the authorities:",
    "Subject classifications: Banking, Debt service, External debt, Financial institutions, Foreign exchange, Loans, Public debt.",
    "Keywords as listed: bank, bank Republic, CR, Debt service, executive board's discussion, fund support, GDP deflator, Global, inflation expectation, investor, investor confidence, ISCR, Loans.",
    "Pages: 88",
    "Volume: 2009",
    "Issue: 267",
    "Series: Country Report No. 2009/267",
    "DOI: https://doi.org/10.5089/9781451814705.002",
    "Stock No: 1GEOEA2009003",
    "ISBN: 9781451814705",
    "ISSN: 1934-7685",
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