Georgia faces the prospect of the International Monetary Fund (IMF) leaving the country, according to Georgia's State Chancellery. The country is systematically failing to fulfill the IMF's recommendations and economic reforms are either not carried out at all or are ineffective. In addition, tax collection levels are very low and the budget is not balanced. Georgia will also probably have to sequester its budget for the second time this year, reducing expenditure by about USD 72 million.
The chancellery explained that if the IMF leaves the country, the Paris Club will refuse to restructure USD 1.75 billion of Georgia's debts. The club of creditors is due to consider this issue in September. The World Bank will also cut off credit to Georgia, which will have a negative effect on investment. As a result, the country would risk defaulting.
In July an IMF mission is due to arrive in Tbilisi. It will decide whether to end support for Georgia or whether there is still a chance to improve the country's financial and economic situation.
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