IMF: Georgia’s economic growth stronger than initially predicted
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The International Monetary Fund (IMF) expects economic activity to remain strong in Georgia, supported by a favourable global environment and the firm implementation of programme policies.
The Executive Board of the IMF approved the completion of the second review of the three-year Extended Fund Facility (EFF) arrangement for Georgia on June 27, 2018.
Following the Executive Board discussion, Deputy Managing Director and Acting Chair Tao Zhang said that Georgia had made notable progress under the IMF-supported programme.
Zhang also said that all end-December quantitative performance criteria were met, mostly with significant margins, while most structural benchmarks have been implemented.
Economic growth has been stronger than initially predicted, inflation has declined, the fiscal and external positions have improved, and public debt continues to decline. Important progress has also been made in implementing the structural reform agenda. Although risks to the outlook are balanced, Georgia remains vulnerable to external shocks, including from market volatility in major trading partners. Prudent macroeconomic policies and implementation of structural reforms are critical to address remaining vulnerabilities and promote higher and more inclusive growth”, said Zhang.
The main messages from Zhang’s comment were:
- "The inflation targeting framework, supported by the floating exchange rate regime, has served Georgia well, and efforts to strengthen the framework should advance”.
- "Financial sector reforms under the programme have strengthened financial supervision and regulation. However, Georgia’s crisis management framework needs to be brought in line with best international practices, including by improving crisis management procedures and the frameworks for bank resolution and emergency liquidity assistance”.
- "Growth-enhancing structural reforms have been initiated and should be accelerated to foster private sector-led activity over the medium term. Advancing reforms to scale up infrastructure spending and improve education and competitiveness are key to promote sustainable and inclusive growth”.
The International Monetary Fund (IMF) will team up with Georgia’s Ministry of Economy to create a credit guarantee fund for Georgia. The meeting was held yesterday during the Georgian governmental delegation’s visit to the US.
The International Monetary Fund (IMF) is moving its forecast up, saying the Georgian economy will grow by 4.5 percent in 2018 and 4.8 percent in 2019.
The International Monetary Fund has completed the second review on the Extended Fund Facility approved last year under which Georgia is receiving $285.3 million over a period of three years.
A delegation from the International Monetary Fund (IMF) is visiting Georgia to discuss the country’s economic outlook with local officials. During the visit the IMF mission will meet Georgian authorities as well as representatives from the private sector.
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An International Monetary Fund (IMF) team, led by Mercedes Vera-Martin, has concluded its visit to Georgia, which was held during August 21-27 to discuss recent economic and financial developments and progress with structural reforms.
“Georgian economy is showing strong signs of recovery, supported by prudent macroeconomic policies,” Managing Director of the International Monetary Fund Christine Lagarde stated following a meeting with Prime Minister of Georgia Mamuka Bakhtadze in Washington D.C yesterday.
The International Monetary Fund has completed the third review on the Extended Fund Facility approved last year under which Georgia is receiving $285.3 million over a period of three years.
Business entry rates in the Caucasus and Central Asia region are much lower than in other regions, including sub-Saharan Africa, but Georgia is a notable exception, says the report of the International Monetary Fund (IMF).
Georgia’s economic performance remains strong, but downside risks to the outlook have increased, reads the third review of the International Monetary Fund (IMF) of Georgia’s performance under the 3-year Extended Fund Facility (EFF).
Georgian Prime Minister Irakli Garibashvili has discussed the Covid-19 situation with the area mission chief of the International Monetary Fund James John during an online meeting earlier today.