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Georgia

Tbilisi, Georgia. Photo by lohaspackers1234

Georgia Resident Representative Site

Resident Representative Office in Georgia

This web page provides information on the activities of the Office, views of the IMF staff, and the relations between Georgia and the IMF. Additional information can be found on Georgia and IMF country page, including official IMF reports and Executive Board documents in English that deal with Georgia.

News — Highlights

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Video: Interview of Azim Sadikov, IMF Resident representative to TV Channel Maestro

In Georgian, February 6, 2015 click for more

Statement by IMF Mission to Georgia

November 26, 2014 click for more

საქართველოში საერთაშორიო სავალუტო ფონდის მისიის განაცხადი

26 ნოემბერი, 2014 click for more

GEORGIA NEEDS MORE EFFORTS TO SUPPORT GROWTH REVIVAL-IMF

An Op-ed first publish in "REUTERS" by Margarita Antidze TBILISI, November 18, 2014 click for more

Caucasus and Central Asia Regional Economic Outlook Presentation

November, 2014. Growth in Georgia is expected to reach 5 percent in 2014-15, according to Azim Sadikov, IMF Resident Representative in Georgia who presented the IMF’s latest regional assessment on November 17, 2014. The Russia-Ukraine crisis has had limited economic impact so far given Georgia’s limited (but growing) trade links with Russia. The recent decline in oil prices, if sustained, should translate into higher growth and a lower current account deficit. The Caucasus and Central Asia (CCA) countries are dealing with economic implications of geopolitical tensions and the related slowdown in Russia. With weaker economic prospects and long-standing vulnerabilities, it is more urgent to implement reforms to increase competitiveness, reduce unemployment, and improve living standards. Representatives of the Georgian government, the National Bank of Georgia, the business community, the civil society, and the press attended the presentation and participated in discussions. click for more

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Georgia and The IMF

Georgia: First Review Under the Stand-By Arrangement and Request for Modification of a Performance Criterion-Staff Report; and Press Release

January 20, 2015
Series: Country Report No. 15/17 click for more

Georgia: Financial Sector Assessment Program-Stress Testing the Banking Sector-Technical Note

January 8, 2015
Series: Country Report No. 15/7 click for more

Georgia: Financial Sector Assessment Program-Safety Nets, Bank Resolution, and Crisis Preparedness and Management Arrangements -Technical Note

January 8, 2015
Series: Country Report No. 15/8 click for more

Georgia: Financial Sector Assessment Program-Macroprudential Policy Framework-Technical Note

January 8, 2015
Series: Country Report No. 15/9 click for more

Georgia: Financial Sector Assessment Program-Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision-Technical Note

January 8, 2015
Series: Country Report No. 15/10 click for more

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Regional Economic Outlook Update: Middle East & Central Asia

image from the publication cover

Learning to Live With Cheaper Oil Amid Weaker Demand

A large and possibly persistent decline in oil prices, and slower-than-projected growth in the euro area, China, Japan, and Russia, have substantially altered the economic context for countries in the Middle East and Central Asia. The appropriate policy response will depend on whether a country is an oil exporter or importer. A common theme, however, is that these developments present both an opportunity and an impetus to reform energy subsidies and step up structural reform efforts to support jobs and growth.

Lower oil prices have weakened the external and fiscal balances of oil exporters, including members of the Gulf Cooperation Council (GCC). Large buffers and available financing should allow most oil exporters to avoid sharp cuts in government spending, limiting the impact on near-term growth and financial stability. Oil exporters should prudently treat the oil price decline as largely permanent and adjust their medium-term fiscal consolidation plans so as to prevent major erosion of their buffers and to ensure intergenerational equity.

Gains from lower oil prices provide much-needed breathing space for oil importers but will be offset by a concurrent decline in external demand, particularly from Russia, but also from the euro area and China. Russia's sharp slowdown and currency depreciation have weakened the outlook for the Caucasus and Central Asia (CCA) because of strong linkages through trade, remittances, and foreign direct investment, suggesting the need for greater exchange rate flexibility and near-term fiscal easing where financing allows, along with stepped-up reform efforts. Click for more