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
Economic growth in the Caucasus and Central Asia is expected to soften in 2014, mainly reflecting weakening growth momentum in emerging market trading partners (particularly, China, Russia, and Turkey), according to the IMF’s latest regional assessment. Azim Sadikov, IMF Resident Representative in Georgia, who presented the report on June 11, said, “The region is facing difficult external environment. Balance of payments outlook has deteriorated and risks are tilted to the downside. A slowdown in key trading partners could weaken exports, foreign direct investment, and remittances”. He added that policy priorities should center on rebuilding buffers and increasing exchange rate flexibility to help adjust to unanticipated shocks. Representatives of the Georgian government, the National Bank of Georgia, the business community, the civil society, and the press attended the presentation, which was followed by a discussion of the outlook and policy challenges facing Georgia, the rest of the Caucasus and Central Asia region, and other emerging market economies.
საქართველო: 2013 წლის კონსულტაციები, IV მუხლის ფორმატში. საერთაშორისო სავალუტო ფონდის მისიის დასკვნითი განცხადება
საერთაშორისო სავალუტო ფონდის აღმასრულებელ დირექტორთა საბჭომ დაასრულა საქართველოში საერთაშორისო სავალუტო ფონდის მიმდინარე პროგრამის პირველი და მეორე მიმოხილვა
Georgia and The IMF
August 26, 2013
Series: Country Report No. 13/264
June 10, 2013
Describes the preliminary findings of IMF staff at the conclusion of certain missions (official staff visits, in most cases to member countries). Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF's Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, and as part of other staff reviews of economic developments.
Georgia: First and Second Reviews Under the Stand-By Arrangement and Under the Standby Credit Facility Arrangement, and Request for Waiver of Nonobservance of Performance Criterion—Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Georgia
April 3, 2013
Series: Country Report No. 13/95
Regional Economic Outlook Update: Middle East & Central Asia
Growth has been tepid across the Middle East and North Africa, Afghanistan, and Pakistan (MENAP) region. In 2013, declines in oil production held back growth in the oil-exporting countries. Weak private investment, amid political transitions and conflict, continued to take a toll on economic activity in the oil-importing countries. Growth is expected to strengthen this year in line with an improved global outlook. However, weak confidence and, in some cases, large public deficits will continue to weigh on the region's economic prospects. Deeper economic transformations are necessary to ensure robust and inclusive growth and creation of enough jobs for the rapidly-growing labor force.
Economic growth in the Caucasus and Central Asia (CCA) is expected to decline from 6.5 percent in 2013 to 6 percent in 2014, mainly because of weakening growth momentum in emerging market trading partners (particularly, China, Russia, and Turkey) and a temporary decline in oil output growth in Kazakhstan. Risks remain tilted to the downside. In particular, a slowdown in emerging market trading partners may weaken exports, foreign direct investment, and remittances. Policy priorities center on rebuilding buffers and increasing exchange rate flexibility to help adjust to unanticipated shocks. Stronger macroeconomic frameworks would provide a more credible anchor to economies. Rapid credit growth in some countries calls for strengthening the prudential policies to ensure the continued soundness of financial institutions. Structural reforms to improve the business environment and governance, as well as closer regional cooperation, would enable CCA countries to achieve their goal of becoming dynamic emerging market economies.