Georgian Finance Minister, Asian Development Bank Executive discuss impact of war in Ukraine
In the conversation, the two sides expressed hope for an “active continuation” of the partnership as part of their 2019-2023 cooperation strategy. The strategy concerns the development of the private sector, strengthening of transport infrastructure and urban development, and deepening of regional relations. Photo: Georgian Finance Ministry.
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The ongoing hostilities in Ukraine and their impact on the world and the Black Sea region were discussed during an online meeting between Georgian Finance Minister Lasha Khutsishvili and Tony McDonald, Executive Director of Asian Development Bank (ADB) on Monday.
The Finance Ministry said the meeting had also focused on the possible trends of economic development, as well as future cooperation between Georgia and ADB. Khutsishvili stressed the importance of ADB in combating the global pandemic in the country, in Georgia's reform agenda, and funding of sectors such as energy, water supply and road infrastructure.
In the conversation, the two sides expressed hope for an “active continuation” of the partnership as part of their 2019-2023 cooperation strategy. The strategy concerns the development of the private sector, strengthening of transport infrastructure and urban development, and deepening of regional relations.
The ADB began its partnership with Georgia in 2007, committing loans worth $3.92 billion and technical assistance projects worth $28.9 million in the country. The bank’s 2021 Outlook predicts a 6.5 percent growth for the country’s economy this year.
Minister of Finance Lasha Khutsishvili met with the First Deputy Prime Minister of the Kingdom of the Netherlands, Minister of Finance Sigrid Kaag in an online format on Saturday, to discuss possible economic development trends and prospects of future cooperation.
The estimated real Gross Domestic Product (GDP) of Georgia increased by 18 percent in January 2022 year-on-year, the latest data from the National Statistics Office of Georgia (Geostat) shows.
Georgia’s real economic growth in the past year was 2.5 times higher than originally forecast, with government savings in 2022 expected to approach the pre-pandemic mark, finance minister Lasha Khutsishvili told the parliament on Thursday.
The Georgian Ministry of Finance has started negotiations with the International Monetary Fund (IMF) over the launch of a new three-year programme. Finance Minister Lasha Khutsishvili has met the IMF mission chief James John to discuss economic conditions and projected market reforms in Georgia.
Reforms planned in state-owned enterprises, energy market development, energy security and development of human capital were in the focus of a meeting between Lasha Khutsishvili, the Georgian Finance Minister, Yevgeniy Zhukov, the Director General for Central and West Asia of the Asian Development Bank (ADB) and Shane Rosenthal, the ADB Country Director for Georgia, on Friday.
The impact of the ongoing hostilities in Ukraine on the economic development across the world, on the South Caucasus region and Georgia was discussed during a meeting between Maciej Czura, the Head of the European Investment Bank (EIB) Regional Representation for the South Caucasus, and Lasha Khutsishvili, the Georgian Finance Minister, on Thursday.