Georgia

(i) No amount/estimate: 29 April 2020, The National Bank of Georgia (NBG) reduced its policy rate by 50 bps from 9% to 8.5%. On 24 June 2020, The NBG further reduced this rate to 8.25%. On August 5, The NBG reduced its policy rate by another 25 bps, bringing the refinancing rate to 8%. On 17 March 2021, The NBG increased the policy rate by 50 bps, to 8.5%. On 28 April 2021, the policy rate was increased by 100 bps, to 9.5%.

(i) 24 June 2020, GEL1.2 billion in VAT refunds; (ii) No amount/estimate: Income and property tax holidays for hotels (until Nov 1, 2020); (iii) GEL250 million in forgone income tax from waivers on low-income citizens. Monthly salaries up to GEL1500 will have the first GEL750 fully exempted from income tax; (iv) GEL45 million in forgone income tax from exemptions granted to touristic enterprises.

(i) GEL450 million in monthly unemployment subsidies of GEL200 per person for 6 months; (ii) GEL170 million in subsidies for gas, electricity, and utilities for users consuming up to 200 kW of electricity and/or up to 200 m3 natural gas monthly; (iii) GEL61 million in additional assistance to low-income families; (iv) GEL24 million in assistance to disabled people and their children; (v) GEL40 million to purchase houses for refugees; (vi) GEL139 million for the State Program for Maintaining Prices of Primary Consumption Food Products. The program envisages subsidies for certain imported products to keep their local price stable (rice, pasta, buckwheat, sunflower oil, sugar, milk powder, beans, wheat, and wheat powder); (vii) No amount/estimate: Starting from January 2021, pensions will be indexed to at least the rate of inflation, with additional increases for pensioners aged 70 and above. Regardless of the actual benchmark rates, the pension increase will be at least GEL20 for the pensioners below 70 and above GEL25 for pensioners above age 70; (viii) GEL160 million in one-time assistance of GEL200 to all children below 18; (ix) GEL35 million to cover 1 semester of university tuition for children from low-income families; (x) No amount/estimate: The government will cover utility costs from November-February for low-income families; (xi) GEL75 million in one-time assistance of GEL300 per person to self-employed persons; (xii) GEL24 million in another batch of one-time assistance of GEL300 per person to self-employed persons.

(i) GEL70 million in interest subsidies, co-financing up to 80% of the interest rate on loans issued to family-owned, small and medium-sized hotels; (ii) GEL20 million in additional micro-grants; (iii) No amount/estimate: 27 January 2021, the government will grant interest subsidies of fitness centres. This decision is expected to be approved at the next government meeting.

(i) April, Guarantee under Trade Finance Program (Additional Financing) - USD18.4 million (with an additional USD71.69 million co-financed) for 2020. An additional USD0.32 million as of 21 May 2021 ; (ii) April, Loan under Trade Finance Program (Additional Financing) - USD5.56 million (with an additional USD0.76 million co-financed); (iii) TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases - USD1.8 million; (iv) 28 May 2020, COVID-19 Pandemic Response Option (CPRO) under ADB’s Countercyclical Support Facility - USD102.24 million; (v) 3 June 2020, Developing a Disaster Risk Transfer Facility in the Central Asia Regional Economic Cooperation Region (Additional Financing) - USD0.07million; (vi) 25 June 2020, Preparing the Second Domestic Resource Mobilization Program (Additional Financing) - USD0.1 million; (vii) 30 June 2020, Quality Jobs and the Future of Work - USD0.1 million; (viii) 13 July 2020, Addressing Health Threats in the Central, West, and East Asia Region - USD0.13 million; (ix) 24 July 2020, Due Diligence and Capacity Development of Trade Finance Program Banks - USD0.06 million; (x) 6 October 2020, Capacity Development for the Supply Chain Finance Program - USD0.02 million; (xi) 15 October 2020, COVID-19 Support for Agriculture Borrowers Project - USD4 million; (xii) 29 October 2020, Fiscal Resilience and Social Protection Support Program - USD201.74 million; (xiii) 5 November 2020, Creating Investable Cities in Post-COVID-19 Asia-Pacific: Enhancing Competitiveness and Resilience through Quality Infrastructure - USD0.11 million; (xiv) 16 November 2020, COVID-19 Support Micro, Small, and Medium-sized Enterprises - USD100 million (with an additional USD100 million co-financed); (xv) 18 November 2020, Supporting Startup Ecosystem in the Central Asia Regional Economic Cooperation Region to Mitigate Impact of COVID-19 and Support Economic Revival - USD 0.05 million; (xvi) 26 November 2020, Addressing Health Threats in the Central, West, and East Asia Region (Additional Financing) - USD0.03 million; (xvii) 3 December 2020, COVID-19 Emergency Response - USD2.5 million; (xviii) 10 December 2020, Preparing the Second Domestic Resource Mobilization Program - USD0.2 million; (xix) 22 September 2021, USD0.06 million technical assistance under "Fostering Regional Cooperation and Integration throughKnowledge and Capacity Building of Trade and Supply Chain Finance Program Banks". ; (xx) 15 October 2021, USD100 million for "Electricity Transmission Sector Reforms Program". [update]; (xxi) 28 October 2021, USD14.68 million for "COVID-19 Vaccine Support Project". [update]

(i) 29 April 2020, USD80 million provided by the World Bank under its Fast Track COVID-19 Facility; (ii) 1 May 2020, USD200 million provided by the IMF under its Extended Fund Facility; (iii) 21 May 2020, USD1 million in grants from UN agencies (USD175,000 from UNFPA, USD400,000 from UNDP, and USD425,000 from UNICEF) as part of the UN COVID-19 Response and Recovery Fund; (iv) 22 May 2020, EUR91.34 million from the Asian Infrastructure Investment Bank (AIIB) (co-financed by the World Bank) to finance Georgia’s health infrastructure and social protection measures, support early detection and confirmation of cases, as well as disease surveillance and strengthening of health system preparedness; (v) 26 May 2020, USD2.7 million to prepare laboratory systems, activate case-finding and event-based surveillance, support technical experts for response and preparedness, bolster risk communication, and more; (vi) The European Invesment Bank (EIB) and the Bank of Georgia have signed a guarantee agreement of up to EUR60 million backed by the InnovFin SME Guarantee Facility covering 50% of every loan disbursed by the Bank of Georgia; (vii) EUR45 million in additional financing for the Georgia Economic Management and Competitiveness Development Policy Operation (DPO). This supplemental development policy financing aims to support the Government of Georgia in covering an unanticipated financing gap that has arisen due to the impacts of the COVID-19 pandemic; (viii) 21 July 2020, EUR45 million from the AIIB's COVID-19 Crisis Recovery Facility to mitigate the negative economic and social impacts of COVID-19 and sustain the momentum of pre-pandemic reforms that support economic growth and resilience; (ix) 21 December 2020, EUR25 million from the European Investment Bank (EIB), the lending arm of the European Union, to expand a credit line for Georgian small and medium-sized enterprises (SMEs) and mid-caps available at TBC Bank JSC; the operation will help accelerate the recovery of the national economy from the COVID-19 pandemic; (x) 22 December 2020, EUR6 million loan from the European Bank for Reconstruction and Development (EBRD) TBC Leasing to broaden access to finance for MSMEs, especially those in the regions; (xi) 2 February 2021, EUR1.8 million from the EBRD to help local firms rebuild their businesses after the pandemic with a focus on sustainable and green practices; (xii) 11 May 2021, EUR85 million under the Relief and Recovery for Micro, Small and Medium Enterprises (MSMEs) project to help businesses and create jobs by expanding and strengthening programs that support MSMEs and by promoting the digitalization of the economy. (xiii) May 2021, USD100 million credit line loan to to JSC TBC Bank (“TBC”), the largest commercial bank in Georgia to provide funding for liquidity-constrained SMEs as part of AIIB's COVID-19 Crisis Recovery Facility.