Economic memorandum reflecting Georgia’s achievements discussed by Gov’t, World Bank reps
The document will be made public following the exchange of proposals and opinions from the Georgian side, the Ministry said. Photo: Georgian Finance Ministry
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Georgian authorities and World Bank representatives on Monday discussed the Country Economic Memorandum drafted by the international institution, the Georgian Finance Ministry announced.
Entitled Projection of the Future for a Competitive, Integrated and Strong Georgia, the memorandum reviews Georgia’s achievements over the past decade while aiming to pursue the necessary state policy for maintaining them.
Additionally, the document discusses the importance of strengthening reforms in the various fields, including:
- Structural and spatial transformation
- Productivity increase in various sectors
- Human capital development
The document will be made public following the exchange of proposals and opinions from the Georgian side, the Ministry said.
The meeting, held earlier today, involved World Bank officials including Lalita Moorty, a Regional Director for Europe and Central Asia in the Equitable Growth, Finance and Institutions VPU, and Sebastian Molineus, the Regional Director for the South Caucasus.
The Georgian side was represented by Levan Davitashvili, the country’s Economy Minister, Finance Minister Lasha Khutsishvili, Infrastructure Minister Irakli Karseladze, Health Minister Zurab Azarashvili and Archil Mestvirishvili, the Vice President of the National Bank of Georgia.
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.
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.
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.
The Georgian economic growth is expected to slow to 2.5 percent in 2022 due to ongoing hostilities in Ukraine, the World Bank’s Europe and Central Asia Economic Update said.