Georgia : Sixth Review Under the Extended Arrangement and Requests for a Waiver of Nonobservance of Performance Criterion, Modification of Performance Criteria, and Augmentation of Access-Press Release; Staff Report; and Statement by the Executive Director for Georgia

Author/Editor:

International Monetary Fund. Middle East and Central Asia Dept.

Publication Date:

May 5, 2020

Electronic Access:

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Summary:

Georgia’s performance under the Extended Arrangement has been good, but the country is now facing a pronounced economic slowdown and an urgent balance of payments need due to the COVID-19 pandemic. Real GDP is expected to decline by 4 percent in 2020, but projections are subject to more than the usual uncertainty. Lower exports, no tourism, and weaker remittances are expected to widen the current account deficit to 11? percent of GDP in 2020. Rising global risk aversion is likely to reduce private financial inflows and delay investment. The authorities have sought to contain the COVID-19 pandemic and cushion its economic impact but face a balance of payments gap of $1.8 billion for 2020-21 (11.4 percent of GDP).

Series:

Country Report No. 20/149

English

Publication Date:

May 5, 2020

ISBN/ISSN:

9781513542898/1934-7685

Stock No:

1GEOEA2020001

Format:

Paper

Pages:

87

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