Georgia has been making a lot of progress, IMF says
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Georgia’s Finance Minister and Central Banker met with Executive Director of International Monetary Fund Anthony De Lannoy today to discuss the ongoing Extended Fund Facility under which Georgia is receiving US$285.3 million over a period of three years.
The facility was confirmed last year and requires the Georgian government to meet several criteria including fiscal consolidation over the medium term as well as shift spending towards capital investments. Progress made by the country in this direction is revised time by time. The last review completed last week has assessed Georgia’s progress positively.
"Georgia has been making a lot of progress between the first and the second review, things are actually going very well. The fund is very pleased with that and we will be happy to discuss the program in a couple of weeks at the executive board,” Anthony De Lannoy said after a meeting with Georgian officials.
After the IMF executive board approves the second review Georgia will receive US$43.6 million over the course of this year.
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.
Georgia has been named as a striking example of successful tax revenue reforms, the International Monetary Fund’s new report, Balancing Act: Managing the Public Purse, says.
Georgia’s economic activity performed better than expected, concludes the International Monetary Fund mission, which visited Georgia last week to discuss recent economic and financial developments and progress in structural reforms.
Georgia is improving its place in the world in terms of economic freedom in the latest survey by the Heritage Foundation.The Index of Economic Freedom survey ranked Georgia in 16th place among 186 countries after it gained 76.2 points. This year Georgia gained 0.2 more points than in 2017 and was ranked 9th among 44 European countries, and its overall score is above regional and world averages.