World Bank supports Georgia to carry out reforms with €47.2m

The World Bank continues supporting Georgia’s economic reform program in key areas by providing a loan of €47.2 million.

Georgia’s Finance Ministry and the World Bank signed a corresponding agreement yesterday.

This is the second Inclusive Growth Programmatic Development Policy Operation for Georgia (DPO2), which was approved by the World Bank's Board of Executive Directors on April 28, 2017.

This financial assistance will help Georgia to improve budgeting and fiscal oversight of public institutions, as well as the quality of social services for citizens.

The World Bank is one of the active supporters of reforms that are being implemented in Georgia. The Government of Georgia has been implementing reforms [in various directions] within the framework of its four-point reform plan … this actions should result in fast economic growth, creation of more job places and the well-being of our citizens,” said Georgia’s Finance Minister Dimity Kumsishvili, after signing the deal with the World Bank.

Meanwhile, World Bank Regional Director for the South Caucasus Mercy Tembon said this operation would reinforce Georgia’s commitment to maintain a stable macro-fiscal framework and pursue structural reforms.

The reforms in the fiscal and social sectors will strengthen Georgia’s performance in the years to come and improve living standards of its citizens,” she said.