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
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.
“Increasing Regional Risks Call for Intensified Economic Reforms in the Caucasus and Central Asia”. By Juha Kähkönen and Azim Sadikov, IMF.
Georgia and The IMF
December 19, 2014
Series: Country Report No. 14/355
Press Release: IMF Executive Board Completes First Review of Stand-by Arrangement with Georgia, and Approves US$58.1 Million Disbursement
Georgia: Request for a Stand-By Arrangement; Press Release; and Statement for the Executive Director for Georgia
August 20, 2014
Series: Country Report No. 14/250
Regional Economic Outlook Update: Middle East & Central Asia
Economic developments in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) continue to reflect the diversity of conditions prevailing across the region. Most high-income oil exporters, primarily in the GCC, continue to record steady growth and solid economic and financial fundamentals, albeit with medium-term challenges that need to be addressed. In contrast, other countries—Iraq, Libya, Syria—are mired in conflicts with not just humanitarian but also economic consequences. And yet other countries, mostly oil importers, are making continued but uneven progress in advancing their economic agenda, often in tandem with political transitions and amidst difficult social conditions. In most of these countries, without extensive economic and structural reforms, economic prospects for the medium term remain insufficient to reduce high unemployment and improve living standards.
Economic activity in the Caucasus and Central Asia (CCA) region is weakening, mainly because of the near-term slowdown and rising regional tensions affecting Russia, a key trading partner and sources of remittance and investment inflows, as well as weaker domestic demand in a number of CCA countries. Near-term risks are to the downside and tied to the fortunes of large trading partners. Policies need to focus on bolstering economic stability and, where needed, short-term support to ailing economic growth. In addition, a new model for high, sustained, diversified, and inclusive growth is needed to set the direction for economic policies for the next decade.