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International Monetary Fund
This paper focuses on Georgia’s Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), a Request for Waiver of Performance Criteria, and a Request for Rephasing of Disbursements. The IMF staff considers that recent strong macroeconomic performance in a difficult external environment and efforts to reestablish the momentum of key structural reforms warrant completion of the second review. The IMF staff supports authorities’ request for waivers of performance criteria and their request for higher disbursements.
International Monetary Fund

This paper focuses on Georgia’s Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), a Request for Waiver of Performance Criteria, and a Request for Rephasing of Disbursements. The IMF staff considers that recent strong macroeconomic performance in a difficult external environment and efforts to reestablish the momentum of key structural reforms warrant completion of the second review. The IMF staff supports authorities’ request for waivers of performance criteria and their request for higher disbursements.

International Monetary Fund

This paper focuses on Georgia’s Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), a Request for Waiver of Performance Criteria, and a Request for Rephasing of Disbursements. The IMF staff considers that recent strong macroeconomic performance in a difficult external environment and efforts to reestablish the momentum of key structural reforms warrant completion of the second review. The IMF staff supports authorities’ request for waivers of performance criteria and their request for higher disbursements.

International Monetary Fund

This paper focuses on Georgia’s Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), a Request for Waiver of Performance Criteria, and a Request for Rephasing of Disbursements. The IMF staff considers that recent strong macroeconomic performance in a difficult external environment and efforts to reestablish the momentum of key structural reforms warrant completion of the second review. The IMF staff supports authorities’ request for waivers of performance criteria and their request for higher disbursements.

Mr. Luis Valdivieso

Georgia Arrangement STFI STFII/SBA ESAF Commitment 28 100 167 294 Tajikistan Arrangement SBA PCF 5 Commitment 15 8 23 Total commitments 802 1,476 1,806 6,505 8,422 456 19,468 Source: IMF. 1 Stand-By Arrangement. 2 Systemic Transformation Facility (I and II). 3 Extended Fund Facility. 4 Enhanced Structural Adjustment Facility. 5 Postconflict Facility. Table 2. Status of Most Recent IMF

Dimitri Menchikov

preconditions for foreign exchange trading have been met. Estonia Arrangement : pegged to the deutsche mark. Policy in practice : currency board arrangement has been successfully maintained, and the exchange rate has been stable. Reserves have increased. Central bank previously also undertook forward foreign exchange transactions, but these have now ceased. Georgia Arrangement : other managed floating. Policy in practice : exchange rate stable against U.S. dollar since early 1995 with new currency introduced September 1995. Reserves increased to 2

Mr. Ashoka Mody, Ms. Ratna Sahay, and Mr. Thomas Helbling

predicting real GDP growth but even more so to errors in predicting real exchange rates, as the real appreciation of the countries’ currencies fell far short of what was expected. 13 Table 3 GDP: 4-Year Forecast Error Decomposition for Two CIS-7 Countries Moldova Georgia Arrangement SBA EFF SBA ESAF Annual Program R2 R3 P1 1 P2 1 P3 1 Approval (firstyear of projection) 2 Dec-93 May-96 Jun-97 Dec-98 Jun-95 Feb-96 Mar-97 Jul-98 Last year of projection 3

Mr. Robert T Price, Mr. Malcolm D. Knight, and Mr. Arne B. Petersen

for currencies of those countries that have not concluded agreements within the IMF’s General Arrangements to Borrow (GAB): exposure limited to 5 percent of capital (10 percent for Latvia and Lithuania). Foreign exchange intervention was coordinated with monetary policy according to the currency board Arrangement: Reserve management : The central bank has a reserve cover in deutsche marks exceeding 130 percent. Georgia Arrangement Other managed floating. Outcome : The lari remained broadly stable against the U.S. dollar during 1997. The National Bank of