## 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

_IMF Staff Country Reports, August 24, 2009_

## Source details

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## Bibliographic details
- Authors: Arrangement, Requests
- Published: August 24, 2009
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451814705.002

---

### Executive summary and context
- 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.

### Financial sector dynamics and monetary policy
- 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.

### Fiscal stance and policy decisions
- 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.

### Program requests and modalities
- Requested actions by the authorities:
  - Augmentation of access.
  - Extension of the arrangement through mid-2011.
  - Rephasing of purchases.
  - Modification of performance criteria.

### Publication and metadata
- 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

*International 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).*

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_Source: 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_