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IMF: Georgia Has Been Making a Lot of Progress

The International Monetary Fund (IMF) is moving its forecast up, saying the Georgian economy will grow by 4.5 percent in 2018 and 4.8 percent in 2019.

“According to the International Monetary Fund forecasts, Georgia will have one of the highest growth rates in economy among the countries of Eastern Europe and Central Asia in 2018-2023”, read the press release published by Georgia’s Ministry of Economy today.

“Growth in 2018 is expected to remain strong, with risks to the outlook balanced. The current account deficit is expected to widen slightly due to higher oil prices and public investment. Over the medium term, the sustained implementation of Georgia’s economic reform program is expected to support higher and more inclusive growth by fostering private investment, productivity, and competitiveness”.

In its end-of-mission press releases, which the IMF published last week to announce the results of the 2018 mission, the IMF said that growth in Georgia will remain strong in 2018, and is expected to accelerate over the medium term, supported by structural reforms and infrastructure projects.

Georgia’s Finance Minister and Central Banker met with Executive Director of International Monetary Fund Anthony De Lannoy to discuss the ongoing Extended Fund Facility, on 20 April, under which Georgia is receiving US$285.3 million over a period of three years.

The facility was confirmed last year and requires the Georgian government to meet several criteria including fiscal consolidation over the medium term as well as shift spending towards capital investments. Progress made by the country in this direction is revised time by time. The last review completed last week has assessed Georgia’s progress positively.

“Georgia has been making a lot of progress between the first and the second review, things are actually going very well. The fund is very pleased with that and we will be happy to discuss the program in a couple of weeks at the executive board,” Anthony De Lannoy said after a meeting with Georgian officials.

After the IMF executive board approves the second review Georgia will receive US$43.6 million over the course of this year.

 

Source: http://agenda.ge/

 

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