Finance Minister discusses Georgia’s macroeconomic, fiscal parameters with IMF officials

The current macroeconomic and fiscal parameters of Georgia were discussed at a meeting between Lasha Khutsishvili, the Georgian Finance Minister, and International Monetary Fund high officials, the state body announced on Thursday. 

Khutsishvili discussed various financial and political issues with Paul Hilbers, the Executive Director of IMF, and Jihad Azour, the Director of the Middle East and Central Asia Department at the Fund.

Georgia’s economic forecasts in the face of the ongoing hostilities in Ukraine were also in the focus of the discussion, during which the country’s support for Ukraine and the implementation of international sanctions were also put forward.

It was noted that the task of the country's fiscal policy is to effectively manage the existing difficulties, implement important structural reforms and at the same time, achieve fiscal consolidation,” the Ministry said. 

The discussion also involved Georgia's recent application for European Union membership, with the Georgian Minister calling the process of preparing answers for the EU questionnaire, received on April 11, a “historic opportunity and responsibility to adhere to EU standards in our policy and structural reform agenda.”

The Georgian official stressed the importance of the recently reached deal between Georgia and the IMF on a $289 million programme for macroeconomic and financial stability of the country, calling it “another expression of support”.

Khutsishvili also thanked the IMF officials for their “active cooperation” and expressed hope the partnership would help the country pursue growth-oriented economic and fiscal policies, the Finance Ministry revealed.