| The IMF gave Georgia 48 hours to fight corruption
The International Monetary Fund gave Georgia 48 hours to prepare a plan for the country's exit from the fiscal crisis. Otherwise, the IMF emphasized, the Fund will not consider the issue of restoring lending to Georgia and petition for the restructuring of external debts to the Paris Club. In September, the Paris Club plans to hold a meeting at which the issue of restructuring Georgia's external debts will be considered, the IMF representative office in the republic told RBC. The plan for overcoming the fiscal crisis should include the urgent adoption of a law on the legalization (laundering) of criminal proceeds, reducing the level of smuggling and corruption, and increasing the electricity tariff (currently the tariff is 6.5 cents per 1 kWh). The IMF suspended lending programs to Georgia in December 2002. |
