Economy minister, IMF mission chief discuss economic trends of Georgia, current, future reforms
The sides also emphasised the “consistency” of the Georgian government’s economic policy, aimed at economic “stability”, business support and inclusive social policy. Photo: Economy ministry
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The economic trends of Georgia, current and future reforms, as well as macroeconomic indicators and forecasts, were discussed on Friday by the Georgian economy minister Levan Davitashvili and James John, the mission chief of the International Monetary Fund.
The economy ministry said the officials had highlighted the current events in the energy sector, including the new support scheme for the development of the sector, which would help attract investments in energy, launch new power capacities and increase the quality of Georgia’s energy security.
It was noted that according to the IMF forecast, despite the challenges, Georgia had maintained “high” economic growth in the medium term in the region, evoked by infrastructure spending, the inflow of foreign direct investments and structural reforms.
The sides also emphasised the “consistency” of the Georgian government’s economic policy, aimed at economic “stability”, business support and inclusive social policy.
Georgian economy minister Levan Davitashvili on Thursday said Georgia was expected to have a higher economic growth this year compared to estimations made by international financial institutions at the start of the crisis stemming from the war in Ukraine.
Following the double-digit growth of the Georgian economy in the first eight months of the year, the World Bank has raised its 2022 economic growth forecast for the country from the previously projected 5.5 percent to 8.8, the highest in the Europe and Central Asia region.
Georgian authorities have adopted a programme supported by the International Monetary Fund and focused on addressing macroeconomic challenges of the country, Bo Li, the Deputy Managing Director of the IMF said on Tuesday.
The International Monetary Fund (IMF) has approved a general allocation of Special Drawing Rights (SDRs) equivalent to $650 billion of which Georgia will receive SDR 202 million which is equivalent to $286 million. IMF Managing Director Kristalina Georgieva said that this is a historic decision and the largest SDR allocation in the history of the IMF and ‘a shot in the arm for the global economy at a time of unprecedented crisis’.
Georgian prime minister Irakli Garibashvili on Monday said the domestic high economic growth rate was expected to be maintained with the year closing with “double-digit figures”. The government administration cited Garibashvili as saying the current 10.2 percent growth was “unprecedented in Europe”, in his summary of figures of the past nine months at the weekly government meeting.
The Georgian economy grew by 8.8 percent in September and by 10.2 percent in the first nine months of 2022 year-on-year, the latest data from the national statistics office of Georgia show.
Georgian economy minister Levan Davitashvili on Monday said the forecast of the International Monetary Fund projected the Georgian economy’s 2022 growth to be 10.5 percent, and highlighted the country exhibited “one of the highest” growth rates in the region.
Economic trends of Georgia, reforms and macroeconomic indicators of the country were discussed on Monday in a meeting between the Georgian Finance Minister Lasha Khutsishvili and James John, the Mission Chief of the International Monetary Fund.