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 (CCA) is expected to remain robust, but lower growth in key trading partners such as Russia and China could pose a threat to this outlook, according to the IMF’s latest regional assessment. Azim Sadikov, IMF Resident Representative, who presented the report on November 6, said, “This favorable outlook presents an opportunity for the region to begin the structural transformation into dynamic emerging economies.” Representatives of the government, the national bank, the business community and the press attended the presentation, which was followed by a discussion of the economic and policy challenges facing Georgia, other countries of Caucasus and Central Asia region, and 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
March 22, 2013
Program Note on Georgia
Regional Economic Outlook: Middle East and Central Asia
The near-term economic outlook for the Middle East and North Africa region has weakened. In the oil-importing countries, many of which are Arab countries in transition, regional conflict, heightened political tensions, and delays in reforms continue to weigh on growth. In this context, the immediate policy priorities are to restore confidence and create jobs, make inroads into fiscal consolidation to restore debt sustainability and rebuild buffers, and embark on structural reforms needed to support private sector-led, job-intensive growth. Most oil-exporting countries continue to enjoy steady growth in the non-oil sector, supported in part by high levels of public spending. Although headline growth has declined because of domestic oil supply disruptions and lower global demand, a recovery in oil production is expected to lift growth next year. Increased vulnerability to a sustained decline in oil prices and intergenerational equity considerations underscore the need for countries to strengthen their fiscal buffers. Key medium-term challenges remain economic diversification and faster private-sector job-creation for nationals.
Economic activity in the Caucasus and Central Asia (CCA) is expected to continue expanding rapidly, with the CCA remaining among the fastest-growing regions in the world. Growth will be driven by a recovery in the hydrocarbon sector and firm growth in domestic demand, supported in part by stable remittance inflows. Considerable downside risks weigh on this outlook, however, stemming in particular from slower-than-expected growth in Russia, an important trading partner and source of remittance inflows. CCA economies should take advantage of the favorable near-term economic conditions to rebuild fiscal policy buffers that were eroded after the global crisis. In some cases, more exchange rate flexibility would help increase resilience to unanticipated shocks while supporting competitiveness. The positive near-term outlook is also an opportunity to strengthen policy frameworks and set in motion a process of structural transformation into dynamic emerging economies.