Economy Minister, IMF mission assess Georgia’s compliance with standby loan terms
Georgian Economy Minister Levan Davitashvili on Friday met International Monetary Fund mission head James John. Photo: Ministry of Economy
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Georgian Economy Minister Levan Davitashvili on Friday met International Monetary Fund mission head James John to assess the country’s compliance with the terms of a $40 million standby loan issued by the IMF.
The Ministry said Davitashvili emphasised Georgia’s progress in “improving the main economic indicators and implementing structural reforms”.
He also noted the Georgian Government continued “active work” with partner organisations to maintain macroeconomic stability in the country.
Structural reforms and “large-scale infrastructure projects” - including for the Anaklia deep sea port in Georgia’s coastal town, and the international Black Sea submarine electricity cable for connecting the electrical grid of the South Caucasus to those of European states - were also reviewed at the meeting.
The meeting comes on the backdrop of a visit of an IMF delegation, with the visiting representatives meeting Georgian Finance Minister Lasha Khutsishvili on Thursday.
The Georgian Government will continue to assist industrial producers and businesses through its Enterprise Georgia programmes in a bid to increase the competitiveness of the domestic sector, Economy Minister Levan Davitashvili said on Friday.
A delegation from the International Monetary Fund is visiting Georgia to discuss the country’s economic outlook with Government officials.
Georgian Finance Minister Lasha Khutsishvili on Friday met Bo Li, the Deputy Managing Director of the International Monetary Fund, and Teresa Czerwińska, the Vice President of the European Investment Bank, in the United States to review cooperation with the institutions.
The progress of the reforms implemented in Georgia with the International Monetary Fund’s support, as well as the current economic situation in the country, was reviewed on Thursday by the Georgian Finance Minister Lasha Khutsishvili and James John, the Deputy Chief of the IMF.
Economic questions and cooperation between Georgia and the International Monetary Fund were discussed on Thursday between Lasha Khutsishvili, the Georgian Finance Minister and Vitor Gaspar, the Director of the Fiscal Affairs Department of the IMF.
The International Monetary Fund on Thursday announced the completion of the second review under the Stand-By Arrangement with Georgia, with the process making about $40 million in support available to the country.
Georgian Finance Minister Lasha Khutsishvili on Thursday welcomed an increase in the International Monetary Fund’s estimation of 2023 economic growth for Georgia to five percent, and the institution’s allocation of about $40 million in support of the country.