In a report published in January 2011, the IMF stated that the Georgian authorities had expressed interest in securing a successor arrangement with the Fund after the current stand-by arrangement (which was agreed in the aftermath of the war with Russia in August 2008) expires in June 2011. The Georgian authorities' desire for a loan is probably linked to their repayment obligations to the IMF and to the need to repay the five-year US$500m Eurobond issued in 2008. The IMF expects Georgia's debt-to-GDP ratio to peak at 43.6% in 2011, before declining to 35.9% by 2015, but the Fund has warned that sharp reductions in salaries for public-sector workers and benefits for social security beneficiaries may lead to social pressures for a more relaxed fiscal policy, which would result in higher levels of expenditure and public debt. According to the IMF, the World Bank has been exploring ways to better target social spending during the period of fiscal tightening. On January 13th the IMF approved the allocation of the seventh tranche of the stand-by arrangement, worth US$153m. The funds will be used to maintain the reserves of the National Bank of Georgia (NBG, the central bank).