Georgia: Ninth Review Under the Stand-By Arrangement and Request for Waiver of Nonobservance of Performance Criterion: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Georgia
IMF Staff Country Reports, June 27, 2011
Source details
- Canonical URL
- Georgia: Ninth Review Under the Stand-By Arrangement and Request for Waiver of Nonobservance of Performance Criterion: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Georgia
Other formats
Bibliographic details
- Authors: Arrangement, Request
- Published: June 27, 2011
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455285624.002
Executive summary and status of the arrangement
- This is the final review under the Stand-By Arrangement for Georgia.
- Recent economic developments have been largely in line with the program expectations.
- Policy targets for the year 2011 have been strengthened.
- The authorities reiterated their interest in a successor arrangement, but needed time to design their medium-term policy framework before submitting a formal request.
- The authorities are in the process of designing a medium-term policy framework to address these challenges.
- The economy is growing at a solid pace.
- International reserves have been restored to pre-crisis levels.
Key findings and assessments
- Program performance: Recent developments largely consistent with program expectations.
- Policy adjustments: Strengthening of policy targets for 2011.
- Institutional actions: Authorities are designing a medium-term policy framework; no formal request for a successor arrangement submitted at the time of the report.
- Macro outcomes: Solid pace of economic growth and restoration of international reserves to pre-crisis levels.
Policy implications and recommendations
- Continue designing and finalizing a medium-term policy framework before submitting a formal request for a successor arrangement.
- Maintain policies consistent with program objectives to preserve macroeconomic stability and reserve rebuilding.
- Strengthen forecasting capability and institutional arrangements (terms and keywords in the source: forecasting capability, monetary policy stance, NBG president, SBA-supported program).
Thematic coverage and subject tags
- Subject: Banking, External debt, Financial institutions, Foreign exchange, Loans, Monetary base, Money, Public debt
- Keywords excerpted from the source: benchmark Eurobond transaction, core inflation, CR, EBRD lending, forecasting capability, Global, ISCR, Loans, Monetary base, monetary policy stance, NBG president, SBA-supported program, SDR