World Bank official pledges to support Georgia during “difficult” times
Molineus noted the financial institution was providing assistance to both the Finance Ministry of the country and the National Bank, and analysed the impact of the ongoing hostilities in Ukraine and sanctions imposed against Russia due to its invasion of the country. Photo: Sebastian Molineus/Twitter
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The World Bank is “ready to provide assistance” to Georgia during the “difficult” period involving challenges created by the financial impacts of the Russian invasion of Ukraine, Sebastian Molineus, the Bank’s Regional Director for the South Caucasus, said on Wednesday.
Molineus made the comment in an address at an event about facilitating financial inclusion with the involvement of the National Bank of Georgia, the country’s Economy Ministry, the United States Agency for International Development’s Economic Security Programme and the World Bank.
He pointed out the Bank was a “long-standing” partner of Georgia for 30 years, saying it would continue the support in the challenging times created by the conflict in the Black Sea region.
Pleased to open an event on #CBDCs with @NBGeorgia, @Economygovge, and @USAIDGeorgia to help facilitate financial inclusion; make transactions faster, cheaper & safer; and simplify monetary and fiscal policy in #Georgia. pic.twitter.com/hTZsYAYx50
— Sebastian Molineus (@SMolineus) May 4, 2022
Molineus noted the financial institution was providing assistance to both the Finance Ministry of the country and the National Bank, and analysed the impact of the ongoing hostilities in Ukraine and sanctions imposed against Russia due to its invasion of the country.
He also said the side effects of the sanctions would impact trade and inflation in Georgia. The World Bank’s Europe and Central Asia Economic Update has projected the Georgian economic growth to slow to 2.5 percent from the previously projected 5.5 percent due to the war.
The World Bank official said the first three months of the ongoing year had been relatively strong, while the upcoming month would be “critical.”
The estimated real Gross Domestic Product of Georgia grew by 10.6 percent in March year-on-year, while the average GDP grew by 14.4 percent in the first quarter of 2022.