{
  "title": "IMF Staff Concludes Visit to Georgia",
  "publication": "IMF News, February 14, 2018",
  "sourceUrl": "https://www.imf.org/en/news/articles/2018/02/15/pr1853-imf-staff-concludes-visit-to-georgia",
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  "summary": "Visit dates: February 7-13, 2018.",
  "publishDate": "2018-02-14",
  "sections": [
    {
      "heading": "Mission timing and leadership",
      "content": "- Visit dates: February 7-13, 2018.\n- Press release date: February 14, 2018.\n- Team leader: Ms. Mercedes Vera-Martin.\n- Meetings included: First Deputy Prime Minister Kumsishvili; Governor of the National Bank Gvenetadze; Minister of Finance Bakhtadze; other senior officials; representatives of the private sector, civil society, and the diplomatic community.\n- Future engagement: forthcoming Article IV consultation and second review of Georgia’s IMF-supported program in April."
    },
    {
      "heading": "Economic performance in 2017",
      "content": "- Growth in 2017: 4.8 percent, driven by consumption and external demand.\n- Drivers of growth: rapid growth in exports, tourism, and remittances.\n- Current account deficit: narrowed to 7 percent of GDP through 2017Q3."
    },
    {
      "heading": "Inflation and monetary policy",
      "content": "- Inflation in 2017: reached 6.7 percent by end-year, above target, influenced by higher excise rates on fuel and tobacco.\n- Monetary policy action: National Bank of Georgia increased the policy rate by 25 basis points, to 7¼ percent, in mid-December.\n- Subsequent inflation: annual inflation declined to 4.3 percent in January 2018."
    },
    {
      "heading": "Fiscal performance",
      "content": "- Preliminary fiscal outcome for 2017: fiscal deficit (program definition) reached 2.9 percent of GDP.\n- Comparison to projection: ½ percentage point lower than projected.\n- Fiscal drivers: broad-based revenue strength; current primary expenditure remained contained; public investment expanded.\n- Policy priority: containing current spending and improving revenue collection to increase public investment and address infrastructure bottlenecks."
    },
    {
      "heading": "Structural reforms and policy recommendations",
      "content": "- Authorities’ actions: steps taken to strengthen revenue administration, support capital market development, and improve financial safety nets.\n- Legislative progress: draft laws submitted to Parliaments on public-private partnership and pension reforms.\n- Policy objectives: mobilize domestic savings, increase private investment, diversify the economy, boost medium-term growth, create jobs, and improve living standards.\n- Opportunity: the recent rebound in growth offers an opening to advance these reforms.\n\nIMF Staff statement issued at the conclusion of the mission (February 14, 2018).\n\n---\n\n Content in this bundle\n\n- Pr1853g (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Georgia and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2018/02/15/pr1853-imf-staff-concludes-visit-to-georgia"
    }
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    "Published: February 14, 2018",
    "Visit dates: February 7-13, 2018.",
    "Press release date: February 14, 2018.",
    "Team leader: Ms. Mercedes Vera-Martin.",
    "Meetings included: First Deputy Prime Minister Kumsishvili; Governor of the National Bank Gvenetadze; Minister of Finance Bakhtadze; other senior officials; representatives of the private sector, civil society, and the diplomatic community.",
    "Future engagement: forthcoming Article IV consultation and second review of Georgia’s IMF-supported program in April.",
    "Growth in 2017: 4.8 percent, driven by consumption and external demand.",
    "Drivers of growth: rapid growth in exports, tourism, and remittances.",
    "Current account deficit: narrowed to 7 percent of GDP through 2017Q3.",
    "Inflation in 2017: reached 6.7 percent by end-year, above target, influenced by higher excise rates on fuel and tobacco.",
    "Monetary policy action: National Bank of Georgia increased the policy rate by 25 basis points, to 7¼ percent, in mid-December.",
    "Subsequent inflation: annual inflation declined to 4.3 percent in January 2018.",
    "Preliminary fiscal outcome for 2017: fiscal deficit (program definition) reached 2.9 percent of GDP.",
    "Comparison to projection: ½ percentage point lower than projected.",
    "Fiscal drivers: broad-based revenue strength; current primary expenditure remained contained; public investment expanded.",
    "Policy priority: containing current spending and improving revenue collection to increase public investment and address infrastructure bottlenecks.",
    "Authorities’ actions: steps taken to strengthen revenue administration, support capital market development, and improve financial safety nets.",
    "Legislative progress: draft laws submitted to Parliaments on public-private partnership and pension reforms.",
    "Policy objectives: mobilize domestic savings, increase private investment, diversify the economy, boost medium-term growth, create jobs, and improve living standards.",
    "Opportunity: the recent rebound in growth offers an opening to advance these reforms.",
    "[Pr1853g (PDF)](/external/lang/georgian/np/sec/pr/2018/pr1853g.pdf){rel=\"external\" type=\"application/pdf\"}",
    "[Georgia and the IMF](http://www.imf.org/external/country/GEO/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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