World Bank approves €45 mln to support economic reforms, mitigate impact of COVID-19 in Georgia

The World Bank is offering €45 million to support Georgia implement ongoing reforms in areas critical for inclusive economic growth and also assist in the country’s efforts to mitigate the economic impact of the COVID-19 pandemic.

• What’s happening in the Georgian economy during the coronavirus crisis?

The overall goal is to support reforms that can lead to job creation, and greater economic inclusion and resilience. 

The focus is on:

• Improving the efficiency of public resource use
• Enhancing competitiveness
• Promoting more competitive markets
• Diversifying the financial sector
• Improving teacher deployment and remuneration
• Strengthening investment promotion

World Bank Regional Director for the South Caucasus Sebastian Molineus said that the project will help Georgia maintain a stable macro-fiscal framework and implement structural reforms.

Improved economic management and enhanced competitiveness will help strengthen Georgia’s economy, raise people’s living standards, and support a faster recovery in economic activity once the COVID-19 pandemic is over", he said.

The project supports a reform programme that is closely aligned with the Government of Georgia’s 2020 Socio-economic Development Strategy. It is also anchored in the World Bank’s Country Partnership Framework for Georgia for 2019-2022.