Finance Ministry to launch new programme with International Monetary Fund

World Bank Vice President for Europe and Central Asia (ECA) Anna Bjerde has stated that many reforms particularly in human capital development and formation of a more green and digitised recovery will be ‘very promising for Georgia in the years to come.’

Georgian Finance Minister Lasha Khutsishvili has said that the country expects 6% economic growth in 2022, nominal gross domestic product (GDP) amounting to 65 billion GEL (about $20.7 b. / €18.21 b.), while GDP per capita will exceed $5,500 by the end of next year. Khutsishvili asserts that Georgia will ‘fully’ recover to pre-pandemic economic levels and maintain a ‘high’ rate of economic growth.

The International Monetary Fund (IMF) projects the Georgian economy to grow 7.7% in 2021 and 5.8% in 2022, reads the latest report titled World Economic Outlook: Recovery During a Pandemic. With these indicators Georgia will have one of the highest economic growth rates in the region of the Middle East and Central Asia. 

Georgia is leading the South Caucasus region with a projected rebound of 8% this year, says the latest edition of the World Bank’s Economic Update for the region, released today. "Georgia’s recovery is expected to edge down to 5.5% in 2022 and 5% in 2023, as macroeconomic support continues to be removed", reads the report.

Georgian Prime Minister Irakli Garibashvili has stated earlier today that gross domestic product in Georgia will reach a historic high in January 2022 amounting to 65 billion GEL (about $20 bln./€18 bln).

The Georgian government will present a programme in the upcoming weeks which will provide socially vulnerable citizens who are fit for work with jobs instead of social assistance, Georgian Prime Minister Irakli Garibashvili said today.

World Bank Regional Director for the South Caucasus Sebastian Molineus has stated earlier today that Georgia can be a strong leader ‘not only in the region but globally as well’ in regional connectivity and integration following the meeting with the Georgian Prime Minister Irakli Garibashvili.

Minister of Finance Lasha Khutsishvili met with the First Deputy Prime Minister of the Kingdom of the Netherlands, Minister of Finance Sigrid Kaag in an online format on Saturday, to discuss possible economic development trends and prospects of future cooperation.

The ongoing hostilities in Ukraine and their impact on the world and the Black Sea region were discussed during an online meeting between Georgian Finance Minister Lasha Khutsishvili and Tony McDonald, Executive Director of Asian Development Bank (ADB) on Monday.

Reforms planned in state-owned enterprises, energy market development, energy security and development of human capital were in the focus of a meeting between Lasha Khutsishvili, the Georgian Finance Minister, Yevgeniy Zhukov, the Director General for Central and West Asia of the Asian Development Bank (ADB) and Shane Rosenthal, the ADB Country Director for Georgia, on Friday.

Georgian Finance Minister Lasha Khutsishvili reaffirmed Georgia’s “full support” for Ukraine amid the ongoing Russian invasion in a discussion organised by the International Monetary Fund on Tuesday.

Held in a digital format, the discussion took place between finance ministers and central bank chiefs of the Caucasus and Central Asia.

The International Monetary Fund has approved a three-year $280 million Stand-By Arrangement for Georgia aimed at financial resilience and growth, the institution announced on Wednesday.