International Monetary Fund supports Georgia’s economic policy
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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.
The Georgian Government pledged to ensure fiscal consolidation over the medium term as well as to shift spending towards capital investment to address infrastructure bottlenecks.
After the IMF Executive Board approves the second review Georgia will receive $43.6 million over the course of this year.
The economic growth rate that we have since the beginning of this year provides a solid foundation for fulfilling all the obligations taken on by the Government of Georgia,” Georgia’s Economy Minister Dimitri Kumsishvili said today at the joint briefing held by IMF, members of the Georgian government and the National Bank of Georgia.
The joint briefing was held today by IMF, members of the Georgian government and the National Bank of Georgia. Photo by Georgia's Ministry of Economy.
Kumsishvili said that Georgia’s economic growth in 2017 was five percent, which was higher than previously forecasted and was largely caused by increased activity in the private sector - 39,000 new jobs and private sector turnover increased by 19 percent.
The program, which is being implemented in partnership with the International Monetary Fund, is fully based on the four-point reform plan of the Government of Georgia. The IMF fully agrees with the country’s political reform program and its economic policy. The successful completion of the second review confirms that the IMF supports the economic policy of the Government of Georgia”, said Kumsishvili.
The minister said that investors’ confidence would further increase towards Georgia’s business environment and this would help to attract more foreign direct investments.
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.
Georgia’s economic recovery is gaining momentum, inflation is projected to decline starting in early 2018, and the external position has strengthened, says the First Review of the Extended Arrangement under the Extended Fund Facility for Georgia completed by the International Monetary Fund (IMF) Executive Board.
"Georgia is thriving”, says the International Monetary Fund (IMF) in its latest article about Georgia, which speaks about the country’s recent economic development based on interviews with Georgia’s Economy Minister Dimitry Kumsishvili and National Bank of Georgia Governor Koba Gvenetadze.
The International Monetary Fund (IMF) is moving its forecast up, saying the Georgian economy will grow by 4.3 percent in 2017. The IMF also praises the first phase of the development process of a recently approved new, $285 million, large-scale technical assistance program of the IMF for Georgia.
Georgia has been making a lot of progress between the first and the second review, according to Anthony De Lannoy, the Executive Director of International Monetary Fund with whom Georgia’s Finance Minister and Central Banker met today to discuss the ongoing Extended Fund Facility under which Georgia is receiving US$285.3 million over a period of three years.
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 (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) expects economic activity to remain strong in Georgia, supported by a favourable global environment and the firm implementation of programme policies.
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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.
The International Monetary Fund (IMF) Executive Board has completed the Seventh Review of Georgia’s economic reform programme supported by a four-year extended arrangement under Extended Fund Facility (EFF) and approved a disbursement of $113.9 million to help the Georgian economy amid Covid-19 shocks.