IMF to offer $40 million to Georgia within its Extended Fund Facility programme
Head of the IMF mission Mercedes Vera-Martin at the press conference together with the Finance Minister of Georgia and the President of the NBG. Photo: Ministry of Finance.
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Georgia will get about $40 million from the International Monetary Fund (IMF) after the fourth review of the Extended Fund Facility (EFF) programme is finalised.
After the fourth review the amount of money allocated for Georgia will amount to $210 million within the programme, said head of the IMF mission Mercedes Vera-Martin at the press conference held today together with the Finance Minister of Georgia and the President of the National Bank of Georgia.
The IMF approved the $285 million, large-scale technical assistance programme EFF for Georgia in 2017 in an effort to support the country’s economic policy.
Today the IMF mission and the Georgian authorities have reached an agreement on completing the fourth review of the programme.
Vera-Martin said that IMF believes the economy of Georgia is developing “at a very strong pace”.
She said that Georgia’s economic growth forecast for 2019 is 4.6%, and inflation will slightly exceed the 3% target, “mainly due to the increase in excise taxes on tobacco”.
Vera-Martin said that economic perspectives are positive in Georgia, but there are global fluctuations, which will certainly have an impact on the country.
This can reduce the economic growth of Georgia”, said Vera-Martin.
The Finance Minister Ivane Machavariani said that 4.6% economic growth that is projected for Georgia is “very high in the region”. Machavariani also said that economic growth projection confirms the efficiency of the reforms carried out by the Georgian government.
Economic growth in Georgia is projected to reach 4.6% in 2019, says the International Monetary Fund.
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).
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).
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.
The Managing Director of the International Monetary Fund Christine Lagarde will pay a working visit to Georgia on May 19-21. During her visit Lagarde will also meet with President Salome Zurabishvili and President of the National Bank Koba Gvenetadze.
Advice from IMF managing director to Georgian policymakers
Georgia is hosting Christine Lagarde, Managing Director of the International Monetary Fund (IMF), who is paying her first visit to the country on May 19-20, planning to meet local authorities.
The International Monetary Fund (IMF) Mission assesses the dynamics of Georgia’s economic indicators as positive, the IMF Mission chief Mercedes Vera-Martin notes at a meeting with the Georgian PM Giorgi Gakharia today.
The International Monetary Fund (IMF) reports that Georgian fiscal reforms are being successfully implemented in its regional economic outlook on the Middle East, North Africa, Afghanistan and Pakistan published today.
Georgia will get about $41.6 million from the International Monetary Fund (IMF) under the fifth review of the Extended Fund Facility (EFF) programme after it will be finalised by IMF Management and Executive Board in December 2019.
The International Monetary Fund (IMF) forecasts 4.3 per cent growth for the Georgian economy in 2020, says IMF mission Chief Mercedes Vera-Martin.
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.