International Monetary Fund to allocate around $40 m for Georgia
By Tea Mariamidze
Tuesdady, May 14
The statement was made at the joint press-conference from IMF Delegation leader Mercedes Vera-Martin, Georgia’s Finance Minister Ivane Machavariani and the President of the National Bank of Georgia (NBG), Koba Gvenetadze on May 13 at the governmental administration.
The IMF delegation is paying a visit to Georgia within the fourth review of the current program 'Advanced Financing Mechanism.' Mercedes Vera-Martin stated that as a result of productive discussions, the Georgian government and the IMF mission reached an agreement on completing the fourth review of the ongoing program in Georgia.
“This agreement needs to be approved by the Board of Executive Directors of the IMF, which discusses Georgia's issue this June. Successful completion of this review will result in giving Georgia 30 million SDR,” she said.
She noted that in the framework of the 'Advanced Financing Mechanism,' the total reimbursement for Georgia will reach $207.9 million.
"The reform program of the Georgian government includes all the obligations that the country has undertaken within the framework of these reviews. We believe that the economy is developing at a fast pace,” Mercedes Vera-Martin added.
According to the IMF delegation leader, economic perspectives are positive, but there are global fluctuations, which will certainly have an impact on Georgia.
“This can reduce the economic growth of Georgia. The pace of economic growth of Georgia makes it possible that the reforms are supported and resistance to external shocks is increased and developed," she noted.
The NBG President stated that the Georgian state program, implemented with the support of the International Monetary Fund, is successful.
"The NBG met all the criteria envisaged by the program. We still have positive trends in macroeconomic indicators which once again emphasizes the macroeconomic policy. Gross domestic product is steadily rising and the price stability is also ensured. The positive dynamics of the foreign sector is also noteworthy,” he said.
Gvenetadze added the International Monetary Fund says the monetary policy of the National Bank is adequate.
"The mission of the International Monetary Fund once again emphasized the importance of the fluctuating exchange rate, especially in the presence of outside risks. It is the main precondition for Georgia for maintaining the competitiveness of the country's economy,” he added.
Finance Minister Ivane Machavariani also delivered a speech. According to him, Georgia's economic growth projection for the current year is 4.6% adding it is remarkably high in the region and reaffirms the effectiveness of the reforms carried out by the Georgian officials.
“I believe this trend will continue based on the ongoing program and the economic dynamics of our country,” the minister said.
According to him, Georgia’s program 'Advanced Financing Mechanism' is one of the best and it is fully compatible with the legislative agenda.