IMF completes Georgian mission with positive expectations

Economic growth is expected to be approximately 2.5%-3% this year but Georgian economy has started to recover and this is a very good sign, Mark Griffiths, Head of the IMF mission said after the meeting with Nodar Khaduri, Finance Minister of Georgia yesterday.

Upon completing its mission in Georgia, IMF representatives discussed and agreed on several issues with the Ministry of Finance among them economic growth, inflation and budget deficit indicators.

"We hope that economic growth rate will be 5% next year. To fulfill this, we need political stability, improved business environment, fiscal stimulus within reasonable limits and foreign investments promotion. Also, the government should work to eliminate unemployment and create more jobs in order to facilitate the countrys economic development. The new government has a very good chance to achieve this and we are willing to help, Griffiths said.

According to the Finance Minister, the IMF mission in fact shares the vision of the government of Georgia. "This gives us great hope that Georgia will fulfill all planned macroeconomic parameters on which the next year state budget is based, Khaduri added.

The final parameters of a draft budget for 2014 agreed with the IMF, will be submitted to the Parliament by the government.