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IMF delegation launches talks in Georgia

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TBILISI, May 28 (RIA Novosti) - A delegation from the International Monetary Fund has begun talks with Georgian officials, set to address upcoming loans and economic programs, an IMF representative in the South Caucasus country said Monday.

The delegation will discuss the Georgian government's IMF-backed economic program, as well as the launch of talks on the institution's Poverty and Reduction Growth Facility (PRGF) program's sixth and final review.

The IMF approved on February 28 a scheduled payout of $21.1 million in credit for the ex-Soviet country as part of the PRGF program.

The U.S.-led IMF has allocated a further $144 million in credit under the program to support state economic programs in Georgia until 2007. The credit is provided at an interest rate of 0.5% over a 5.5-year grant period. Last year Georgia received around $126 million in credit from the institution.

The Poverty Reduction and Growth Facility (PRGF) is the IMF's low-interest lending facility for low-income countries. PRGF-supported programs are underpinned by comprehensive country-owned poverty reduction strategies.

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