Georgian President demands that IMF stop threatening Georgia

Georgian President Eduard Shevardnadze demanded that the International Monetary Fund (IMF) stop threatening Georgia. He said at a session of the country's government on June 25 that Georgia is demanding a serious answer from the IMF for threatening to pull out of Georgia.

The reason for Shevardnadze's dissatisfaction is the fact that the IMF says the country is not fulfilling its economic and financial responsibilities and is threatening to leave the country and completely end its credit programs. Moreover, the World Bank is following the IMF's example, and the Paris club is refusing to let the country restructure its external debts. Because of the IMF's decision, the country can not avoid a default.

'The threats from the IMF are unacceptable for the country,' said Shevardnadze. He said that if the fund is not satisfied with the government of Georgia, he may resign.

After Shevarnadze made his remarks, members of the government confirmed the government program of overcoming poverty, which is based on 12 years. Presidential Advisor for Questions of Economic Reform Taymuraza Basiliya said that in the first year the program will increase the income portion of the Georgian budget to approximately USD 900 million. Meanwhile, this year's budget is valued at USD 625 million, but its expense portion has already been essentially cut by two times or USD 72.5 million.