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Georgian government, IMF agree to reduce budget spending

Monday, March 9
The government will have to reconsider the macroeconomic forecasts, Georgian Finance Minister Nodar Khaduri said following the negotiations with the IMF, Georgia Online reported.

“The government will reduce the current budget spending for this year.

Khaduri will be able to talk about the forecast and budget decrease only after the ministry finalizes the specific document.

The minister also said that the Georgian authorities agreed to coordinate work with the IMF.

"We agreed that the current budgetary expenditure for the current year will be reduced,” he said. “Perhaps, we will have to reconsider the macroeconomic projections. I think that given the external shocks, Georgia’s economic growth will decrease by about 2 percent.”

The Georgian government predicted a five percent economic growth in 2015 before the currency crisis.