WASHINGTON- The International Monetary Fund on Friday announced that it had reached a staff-level agreement with Georgia for a three-year $289 million stand-by arrangement.

The agreement, which will be considered by the IMF's board in May, amounts to 100% of Georgia's quota at the fund.

Georgia’s economy had been recovering well from the COVID-19 pandemic, with economic growth reaching 10.4% in 2021, the IMF said, but spillovers from the war in Ukraine and sanctions against Russia were expected to lower Georgia’s growth to around 3% in 2022, raise inflation, and widen its current account deficit.

(Reporting by Andrea Shalal and David Lawder)