IMF ready to help Georgia overcome coronavirus crisis
Georgia asked the IMF to increase the funding for Georgia in the framework of the Extended Fund Facility (EFF) programme which was extended by one year in December 2019 until April 2021.Photo: National Bank of Georgia.
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The International Monetary Fund (IMF) is committed to providing support to Georgia under the challenging and uncertain circumstances due to the coronavirus, said IMF Resident Representative in Georgia Selim Cakir.
In short, we are here to support you,” said Cakir.
Georgia asked the IMF to increase the funding for Georgia in the framework of the Extended Fund Facility (EFF) programme which was extended by one year in December 2019 until April 2021.
As the IMF welcomes the authorities timely and decisive actions in monitoring, containing and mitigating the effects of the coronavirus…the number one priority in terms of fiscal response is ensuring front line health related spending to protect people’s well-being, taking care of the sick and slowing the spread of the virus,” said Cakir.
Cakir noted that the IMF and Georgia are working together to assess the economic shock resulting from the new coronavirus and offset its negative economic impact of the pandemic.
Finance Minister Ivane Javahishvili noted that the hit of the virus will mostly be on tourism and it will also affect the Georgian economy as it is significantly dependent on tourism.
He also noted that a global decrease in oil prices will have a negative effect on the Georgian economy. But he also noted that Georgian government and the National Bank of Georgia will use all financial instruments to mitigate the effect of economic challenges due to coronavirus.
Matchavariani also said that besides the IMF, Georgia is negotiating with other financial institutions to allocate funding to offset negative effects of the virus on Georgian economy.
The National Bank of Georgia (NBG) is keeping the refinancing rate at 9 per cent. The decision was made at a meeting of the Monetary Policy Committee today.
Georgian Agriculture Minister Levan Davitashvili says that there is no risk of food shortages in Georgia due to the coronavirus. Davitashvili met the heads of the large supermarkets earlier today to discuss food stocks and the issue of price regulation.
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) 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's financial sector is meeting the coronavirus challenge well prepared , announces the National Bank of Georgia (NBG).
Georgian economic growth may drop to between 0.8 and 3.9 per cent this year, reports the ISET Policy Institute (ISET-PI), one of the first university-based think tanks in the South Caucasus based at the International School of Economics at Tbilisi State University (ISET).
The International Monetary Fund (IMF) is working with the Georgian authorities to provide 'additional financing' to contain the spread of the coronavirus and support the Georgian people and economy, announced the Mission Chief for Georgia at the International Monetary Fund (IMF) Mercedes Vera-Martin in a statement published on March 30.
The National Bank of Georgia is monitoring banknotes given bills may also contribute to the spread of the new coronavirus. The money which enters the bank is kept for 14 days separately. Also, new banknotes are being supplied to commercial banks which will be put into circulation for the first time.
The International Monetary Fund (IMF) has praised the steps of the Georgian government to support its citizens and the private sector amid the coronavirus pandemic. The IMF is allocating financial support for Georgia in the framework of the Extended Fund Facility (EFF) programme to minimize the coronavirus’ impact on the Georgian economy.
The Executive Board of the International Monetary Fund (IMF) has approved $200 million for Georgia to help address the effects of the coronavirus. This, IMF said, will help Georgia “meet urgent balance of payments and fiscal needs” stemming from the COVID-19 pandemic, including “increased spending on health services and social protection”.
The National Bank of Georgia (NBG) has cut the refinancing rate by 0.25 percentage points to 8.25 per cent in order to ensure price stability after monitoring developments in the economy and financial markets of Georgia.
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.