Georgia Debt Relief

Question:   What assistance are we planning for Georgia in the coming year to help them ease their debt?

Answer:   We stand prepared to work with the new Georgian government to deepen that country's free market and democratic reforms. Regrettably, the previous government had failed to meet the performance criteria for their Poverty Reduction and Growth Facility with the International Monetary Fund and fallen into arrears on its debt restructuring agreement with the Paris Club. We welcome plans for an International Monetary Fund mission to visit Tbilisi in early February and urge the new Georgian government to work closely with that mission. Georgia will have to negotiate an appropriate program with the IMF if it wishes to approach the Paris Club for further discussions about restructuring its debt.

2004/04