IMF to Lend Georgia $750 Million

ANDREW HIGGINS
The Wall Street Journal
September 3, 2008

TBILISI, Georgia — When Russia sent troops into Georgia last month, the West balked at joining the fight. But now that the shooting has ended, Western nations are mobilizing to thwart a key Russian war aim: regime change in Tbilisi. Their weapon is cash.

The International Monetary Fund is set to reach a preliminary deal this week that will throw the former Soviet republic a $750 million credit line, according to officials close to the negotiations. Both the U.S. and Europe are also working on big assistance packages that Georgia hopes will provide $2 billion or more.

The money aims to calm the nerves of foreign investors — crucial to Georgia’s economic stability — and help Georgia finance the repair of war damage. More important, Western cash will help shore up the pro-Western government of President Mikheil Saakashvili.

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