Georgian finance minister, National Bank chair hold meetings at IMF in US
Khutsishvili and the deputy director-general for the EU neighbourhood policy emphasised the importance of the EU assistance programs to Georgia, while discussing the cooperation agenda between the country and the EU, including the implementation of the 12-point conditions established by the European Council. Photo: Finance ministry
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Lasha Khutsishvili, the Georgian finance minister and Koba Gvenetadze, the head of the country’s National Bank, within the framework of the visit to the United States, held meetings with the executive director of the International Monetary Fund Paul Hilbers, the director of the Middle East and Central Asia department of IMF, Jihad Azour, and the director of the IMF fiscal affairs department, Vítor Gaspar.
Khutsishvili also met with the vice president of the Asian Development Bank Shixin Chen, as well as with Katarina Mathernova, the deputy director-general for EU neighbourhood policy and enlargement negotiations, the Georgian finance ministry said.
During the meeting with the IMF executive director Hilbers, the cooperation between Georgia and the fund, in support of the country’s macroeconomic stability and structural reforms, was emphasised, while also discussing fiscal and monetary policy issues for the 2022-2023 and the medium-term period.
Georgian finance minister Lasha Khutsishvili, the head of the National Bank Koba Gvenetadze meeting with the IMF director of the Middle East and Central Asia department of IMF, Jihad Azour Photo: National Bank of Georgia
The progress achieved by Georgia in 2021 and 2022, against the background of the reduction of the global economic growth forecast by the IMF, was discussed by Khutsishvili, Gvenetadze and Azour, and it was noted it provided the basis for the country to maintain the “positive dynamics” of economic growth in the future.
In the meeting with the director of fiscal affairs, the conversation touched on the issues of cooperation between the IMF and the finance ministry in the direction of public finance accounting, accountability, and transparency, as well as financial risk management, tax and customs administration.
The Georgian finance minister and the vice president of ADB discussed cooperation and the progress of projects supported by the bank, both in the public and private sectors, while also addressing the current situation in the Georgian economy, as well as the existing and planned fiscal parameters.
Georgian finance minister Lasha Khutsishvili meeting with the vice president of ADB, Shixin Chen. Photo: Finance ministry
Among the challenges of the country and the whole world, the inflation and increased prices for energy resources and oil were reviewed by the officials, expressing hope to continue the partnership in implementing both structural and economic reforms.
Khutsishvili and the deputy director-general for the EU neighbourhood policy emphasised the importance of the EU assistance programs to Georgia, while discussing the cooperation agenda between the country and the EU, including the implementation of the 12-point conditions established by the European Council.
The parties also discussed the challenges in the region and the impact of Russia's military aggression in Ukraine on both regional and world economies, with Khutsishvili informing Mathernova about the macro-economic parameters of Georgia for 2022-2023 and noting the “positive dynamics” of economic growth amid the difficult situation in the region.
Georgian finance minister and Katarina Mathernova, the deputy director-general for EU neighbourhood policy and enlargement negotiations discussing cooperation. Photo: Finance ministry
Energy efficiency policy and the possibility of making new investments in this direction, both in the public and private sectors, were also considered by the officials, expressing readiness to continue “active” cooperation” on strengthening the EU support in the process of structural and economic reforms in Georgia.
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