IMF to offer $40 million to Georgia within its Extended Fund Facility programme

13 May 2019 - 14:25

  • Head of the IMF mission Mercedes Vera-Martin at the press conference together with the Finance Minister of Georgia and the President of the NBG. Photo: Ministry of Finance.

Agenda.ge, 13 May 2019 - 14:25, Tbilisi,Georgia

Georgia will get about $40 million from the International Monetary Fund (IMF) after the fourth review of the Extended Fund Facility (EFF) programme is finalised.

After the fourth review the amount of money allocated for Georgia will amount to $210 million within the programme, said head of the IMF mission Mercedes Vera-Martin at the press conference held today together with the Finance Minister of Georgia and the President of the National Bank of Georgia.

The IMF approved the $285 million, large-scale technical assistance programme EFF for Georgia in 2017 in an effort to support the country’s economic policy.

Today the IMF mission and the Georgian authorities have reached an agreement on completing the fourth review of the programme.

Vera-Martin said that IMF believes the economy of Georgia is developing “at a very strong pace”.

She said that Georgia’s economic growth forecast for 2019 is 4.6%, and inflation will slightly exceed the 3% target, “mainly due to the increase in excise taxes on tobacco”.

Vera-Martin said that economic perspectives are positive in Georgia, but there are global fluctuations, which will certainly have an impact on the country.

This can reduce the economic growth of Georgia”, said Vera-Martin.

The Finance Minister Ivane Machavariani said that 4.6% economic growth that is projected for Georgia is “very high in the region”. Machavariani also said that economic growth projection confirms the efficiency of the reforms carried out by the Georgian government.

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