World Bank vows to support Georgia implement large-scaled reforms
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The World Bank (WB) says it’s eager to support Georgia implement its four-point reform agenda, which includes new tax benefits, infrastructure plans, governance reforms and an overhaul of the education system.
The promise came after today’s meeting between Georgia’s Prime Minister Giorgi Kvirikashvili and the World Bank Regional Director Mercy Tembon.
The World Bank positively assesses the ongoing and planned structural reforms in Georgia and is ready to continue supporting the country on the path,” Government of Georgia press office reported.
With the name of the World Bank, Tembon said she was happy with Georgia’s achievements in terms of business development.
The World Bank official said the October 8 Parliamentary Elections were held in line with high standards. Photo by Prime Minister's press office.
She stressed the progress would be reflected in the World Bank business report that would be released in the near future.
The World Bank official also praised the efforts of the current Government of Georgia to defeat poverty.
On another note Tembon congratulated the Prime Minister on conducting October 8 Parliamentary Elections in "free and democratic” environment.
The World Bank Group is launching a new four-year Country Partnership Strategy (CPS) for Georgia that will see around $1.2 billion USD allocated to the country for financial support.
The Investment Climate Advisory Services of the World Bank Group is helping modernize trade logistics system and streamline customs procedures, saving time and boosting cross-border trade.
Five hundred thousand people in Georgia who used to live below the poverty line managed to escape the poverty and to improve their living , says the World Bank. An assessment report titled 'Georgia: Recent Trends and Drivers of Poverty Reduction' showed the number of people living in poverty in Georgia had significantly decreased in recent years.
Georgia moves from lower-middle to upper-middle income country
The World Bank has raised Georgia’s position in a global income ranking to reflect the increase in the average income of Georgian citizens.
The World Bank is praising Georgia for its major reform plan that aims to improve the country’s investment environment, boost economic growth and ensure macroeconomic stability.
The World Bank continues supporting Georgia’s economic reform program in key areas by providing a loan of €47.2 million.
Georgia will receive a credit line to the amount of €44.6 million from the International Bank for Reconstruction and Development (IBRD).
Georgia and the World Bank are celebrating 25 years of partnership today.