IMF approves $750 mn loan for Georgia

WASHINGTON: The International Monetary Fund (IMF) has approved a $750 million emergency loan for Georgia to help in stabilising the Caucasus republic's economy following last month's conflict with Russia.

The IMF offered the loan to fill a "financing gap", to help ease foreign investment concerns as the country tries to recover from the conflict with Russia over the separatist regions of South Ossetia and Abkhazia.

The IMF decision is the latest international assistance for Georgia. Last week, the US pledged $1 billion in humanitarian aid.