COVID-19
The IMF is fully committed to supporting our member countries, particularly the most vulnerable; we have the tools to help; and we are coordinating closely with our partner institutions.
Over the past decade, Georgia has made significant progress in strengthening the financial oversight, transparency, and fiscal risk management of state-owned enterprises (SOEs), supported by coordinated reforms led by the Ministry of Finance and the Ministry of Economy and Sustainable Development. Key achievements include enhanced fiscal risk disclosure, the introduction of Statements of Corporate Intent, and the adoption of the Strategy for the Comprehensive Reform of SOEs to align state ownership and corporate governance with international good practices. This technical assistance report takes stock of these reforms, assesses remaining gaps, and outlines priority next steps to further strengthen SOE ownership, governance, and accountability. It emphasizes the need to expand and consistently apply financial oversight, formalize public service obligations, professionalize SOE boards, and complete the legislative framework underpinning SOE reforms to reduce fiscal risks, limit political interference, and improve SOE performance for the benefit of Georgia’s economy.
Shipping and flight disruptions highlight new fault lines in the global economy and their costs for growth and livelihoods
To weather the shock, policymakers should ensure that any near-term measures are time-bound and targeted at the most vulnerable, and maintain the focus on medium-term development objectives
Countries face vastly different exposure to higher oil prices and supply uncertainty, shaped by whether they import or export, and how much policy space they have to respond
Impact on economic activity will vary across countries, but inflation will rise for all
The region must respond to energy shocks through disciplined policies that protect the vulnerable and strengthen resilience
The region can best cope by protecting vulnerable people, letting prices adjust, anchoring inflation expectations, and accelerating structural reforms
