The Central Asian country ranks 8th in the world for gold production, producing 101.6 tonnes in 2020, up from 94.6 tonnes produced in 2019.

Lenders reported a fall in total net profit of 4.5 percent year-on-year of 408.9 million manats ($240.5 million) in the period from January to July  2021, but an increase from the 366.3 million manats reported a month earlier.

The implementation of this article would create unique connectivity not only between Armenia and Azerbaijan, but also with Russia, Turkey, and Iran and potentially even the greater neighbourhood.

The revision of the outlooks follows the revision of Ukraine's sovereign outlook to Positive on 6 August 2021, as the ratings of Dnipro, Kyiv, Kharkiv, Lviv, Mariupol, Mykolaiv and Odessa are capped by the sovereign ratings.

BOG is one of the two biggest commercial banks in Georgia and is listed on the London Stock Exchange.

Funds are part of the IMF's "free and unconditional" general allocation of $650 billion for emerging and developing countries.

Commercial banks reported a total net profit of 1.237 billion lari ($399 million) from January to July compared to a loss of 413 million lari in the same period in 2020.

The Central Asian country's economy is state-controlled and the transition towards a market economy is slow relative to other former Soviet states.

The affirmation reflects Fitch’s expectation that the city’s debt sustainability metrics will remain in line with its ratings, despite the economic impact of the coronavirus pandemic and growing CAPEX that is counterbalanced by the moderate debt level.