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. Last Updated: 07/27/2016

IMF Approves Reform Loans for Georgia, Armenia

WASHINGTON -- The International Monetary Fund has approved loans to help Armenia and Georgia continue to make strides in reforming their economies.

The IMF said the loans to Armenia totalling $96 million are designed to improve economic growth and general living conditions for its citizens through cutting inflation and bolstering its financial reserves.

The IMF assistance to Georgia totalled $157 million and is designed to turn the economy around, allowing 10 percent growth in 1996 from a decline of 5 percent this year. At the same time, it will seek cuts in inflation and further measures to help stabilize the economy.