IMF offers Georgia loan to cushion war's impact

TBILISI-The International Monetary Fund has agreed in principle to loan Georgia $750 million to soften the economic impact of a war with Russia, which may slow growth significantly, a senior fund official said on Wednesday."Today we have reached an agreement in principle with the government on a loan package. The amount will be $750 million. It will be made through stand-by arrangements. It will last for 18 months," David Owen, IMF Middle East and Central Asia Department senior adviser, told Reuters in an interview.The loan package is to provide support for government economic policies and to "help to mitigate negative impact on the economy from the recent conflict.""I won't be surprised if the annual growth did come down significantly by the end of the year," Owen said. http://www.reuters.com/article/worldNews/idUSL350686620080903
As in the days of Noah...