World Bank official: Georgia can be strong leader globally in regional connectivity, integration
The economic and structural reforms also were in the focus of the meeting, discussing the ways of increasing the productivity of the Georgian economy and sustainability of its growth. Photo: Government of Georgia.
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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.
Molineus noted that the economic reform programme was the main focus of the discussion, saying that ‘I am really pleased to see many very important reforms that are underway and being launched.’
A major transformational reform programme which is prepared by the World Bank cooperatively with the Georgian government aims at improving health, educational and social outcomes in the country.
The first main topic that we’ve discussed is the human capital agenda,” said Molineus.
Molineus also praised the Georgian government for the measures undertaken against Covid-19 such as ‘green passes and financial assistance for the elderly.’
He called on the Georgian authorities to continue and strengthen a ‘very robust communication campaign to ensure that all Georgians are vaccinated.’
The economic and structural reforms also were in the focus of the meeting, discussing the ways of increasing the productivity of the Georgian economy and sustainability of its growth.
Finally [we discussed] what is needed to ensure for strong, competitive and digital economy for Georgia,” Molineus said.
World Bank Vice President for Europe and Central Asia (ECA) Anna Bjerde also visited Georgia several days ago and praised the country for its economic recovery.
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 Ministry of Finance has started negotiations with the International Monetary Fund (IMF) over the launch of a new three-year programme. Finance Minister Lasha Khutsishvili has met the IMF mission chief James John to discuss economic conditions and projected market reforms in Georgia.
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.’
The Georgian economy is projected to grow 6% in 2021, 5% in 2022 and again 5% in 2023, says the June edition of the World Bank’s report Global Economic Prospects 2021.
Georgian Prime Minister Irakli Garibashvili says that 300,000 Georgians fit to work are dependent on state social assistance, even though the government is able to create jobs for them and ensure stable income in the long run. In an interview for the Georgian Public Broadcaster yesterday, Garibashvili also stated that existing drug policy in Georgia is ‘too liberal’ and that the government has plans to further tighten penalties for the sale of drugs, including by pharmacies.
Georgian Prime Minister Irakli Garibashvili has stated that the economic growth in Georgia in October amounted to about 7%, while growth in the past 10 months totalled 10.5%, calling it ‘unique, unprecedentedly high growth across Europe.'
Georgia's estimated GDP increased in October 2021 compared to the same period last year, and totalled 6.9% year-on-year, while in January-October of 2021 year-on-year growth amounted to 10.5%, preliminary data of the National Statistics Office of Georgia (Geostat) show.
The Georgian government has plans to decrease the country’s external debt to 51.1% of the Gross Domestic Product (GDP) next year, Prime Minister Irakli Garibashvili stated earlier today. Georgia’s external debt amounted to 58.66% of GDP in 2020, nearly 29.3 billion GEL, which increased to a critical 60% of GDP this year. Garibashvili said that Georgia has had ‘major economic growth this year, which is expected to continue.’
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.
World Bank will finance the $109 million construction project for a 17-km, four-lane, access-controlled highway in the Eastern Georgia’s winemaking region of Kakheti to facilitate connection between the province and the capital Tbilisi as part of the country’s highway network.
World Bank will allocate $400 million for the Human Capital Programme for Georgia, calling it “the largest cross-sectorial investment” for the country over 30 years of partnership.
Levan Davitashvili, the Georgian minister of economy and sustainable development, on Wednesday said the country was “ready to perform” as a regional data exchange hub.
Romeo Mikautadze, the deputy minister of economy and sustainable development of Georgia, on Wednesday said uninterrupted functioning of high-tech corridors was unlikely without energy development, in comments on Georgia’s prospects to perform as a regional data exchange hub.
The significance of the telecommunications sector in utilising digital potential and inter-regional digital corridors for Georgia were raised by Ekaterine Imedadze, a member of the country’s state communications commission, at the international digital connectivity summit in Tbilisi on Wednesday.
Development of multimodal and maritime transport, facilitation of border crossing procedures and other questions are being discussed at the annual meeting of the Intergovernmental Commission of TRACECA, an international transport cooperation programme between the European Union and its partner countries in Eastern Europe, South Caucasus and Central Asia, hosted in the Georgian capital city of Tbilisi.
Paweł Herczyński, the Ambassador of the European Union to Georgia, on Friday said the role of the Middle Corridor, the logistics route linking Europe and Asia via the South Caucasus, was increasing and added the EU was supporting the project for facilitating its increased scope of operation.