IMF considers withdrawal from Georgia

The International Monetary Fund is considering the possibility of complete stopping of aid to Georgia, a representative of the State Chancellor's Office of Georgia told RBC. It was pointed out during today's meeting of President Eduard Shevardnadze with government ministers responsible for the economy that the IMF was dissatisfied with the chronic underfulfillment of the plan for budget revenues. As a result, Georgia had to cut its budget expenditures by $52m in 2003. Additionally, Georgia is unable to repay energy loans received from international financial organizations and to start the repayment of its foreign debts. Furthermore, the parliament has not yet adopted a number of laws that the IMF has been insisting on, for example, a law on preventing money laundering. Consequently, Georgia is facing a threat of the IMF's withdrawal from the country.

Shevardnadze gave instructions to resolve all questions dealing with the IMF's objections within a month left before an IMF mission's visit to Tbilisi. The results of the visit of an IMF mission to Georgia in June will determine whether the fund will withdraw from the country or not, the official of the State Chancellor's Office underlined.

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