01893cas a2200241 a 4500 AALejournalIMF006011 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451814705 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. Georgia : Third Review Under the Stand-By Arrangement and Requests for Augmentation, Extension of the Arrangement, Rephasing of Purchases, and Modification of Performance Criteria; Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Georgia. Washington, D.C. : International Monetary Fund, 2009. 1 online resource (88 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper discusses key findings of the Third Review under the Stand-By Arrangement for Georgia. With monetary policy impaired by high dollarization, the authorities' response to the downturn relies mostly on fiscal stimulus. The reduction of policy interest rates and ample liquidity injections have not led to a resumption of bank lending, owing to balance sheet weaknesses and higher credit risk. The authorities have thus decided to accommodate tax revenue losses in a higher deficit in 2009. The authorities have requested an augmentation of access and an extension of the arrangement through mid-2011. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2009/267 Full text available on IMF http://elibrary.imf.org/view/journals/002/2009/267/002.2009.issue-267-en.xml IMF e-Library