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In Rebuff to Russia, IMF Is Set to Lend Georgia $750 Million
By ANDREW HIGGINS
September 2, 2008; Page A20
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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http://online.wsj.com/article/SB1220...googlenews_wsj
By ANDREW HIGGINS
September 2, 2008; Page A20
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.
...
http://online.wsj.com/article/SB1220...googlenews_wsj
Edit: to add
US poised to announce $1B in aid for Georgia
By MATTHEW LEE – 1 day ago
WASHINGTON (AP) — The Bush administration plans to roll out a $1 billion economic aid package for Georgia on Wednesday to help the pro-Western former Soviet republic rebuild after Russia's invasion last month, The Associated Press has learned.
The multi-year proposal calls for spending about half of the total in the administration's remaining five months in office and recommending that the incoming president and his team continue funding the project when they take over in January, a senior official said.
Both the Democratic and Republican contenders for November's presidential elections, Barack Obama and John McCain, have expressed support for Georgia's embattled government in the face of Russia's invasion.
The package, some of which will require congressional approval, will be a substantial U.S. investment in Georgia but is only half the $2 billion a year in assistance Washington provides its closest Mideast ally, Israel.
.....
http://ap.google.com/article/ALeqM5h...OeaYwD92V01C00
By MATTHEW LEE – 1 day ago
WASHINGTON (AP) — The Bush administration plans to roll out a $1 billion economic aid package for Georgia on Wednesday to help the pro-Western former Soviet republic rebuild after Russia's invasion last month, The Associated Press has learned.
The multi-year proposal calls for spending about half of the total in the administration's remaining five months in office and recommending that the incoming president and his team continue funding the project when they take over in January, a senior official said.
Both the Democratic and Republican contenders for November's presidential elections, Barack Obama and John McCain, have expressed support for Georgia's embattled government in the face of Russia's invasion.
The package, some of which will require congressional approval, will be a substantial U.S. investment in Georgia but is only half the $2 billion a year in assistance Washington provides its closest Mideast ally, Israel.
.....
http://ap.google.com/article/ALeqM5h...OeaYwD92V01C00