{
  "title": "Georgia: First Review under the Extended Fund Facility and Request for Modification of Performance Criteria-Press Release; and Staff Report",
  "publication": "IMF Staff Country Reports, December 7, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2017/12/07/georgia-first-review-under-the-extended-fund-facility-and-request-for-modification-of-45448",
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  "summary": "This paper discusses Georgia’s First Review Under the Extended Fund Facility (EFF) and Request for Modification of Performance Criteria (PCs). The program is on track with all end-June 2017 performance criteria and structural benchmarks met.",
  "sections": [
    {
      "heading": "Executive summary and program status",
      "content": "- Publication date: December 7, 2017\n- The program is on track with all end-June 2017 performance criteria and structural benchmarks met.\n- IMF staff supports the authorities’ request for:\n  - completion of the First Review under the Extended Fund Facility (EFF), and\n  - the modification of three quantitative performance criteria (PCs).\n- Economic outlook notes:\n  - Economic activity has strengthened on the back of stronger growth in main trading partners.\n  - Fiscal overperformance and efforts to address structural weaknesses have helped boost confidence.\n  - The economic recovery is gaining momentum.\n  - Inflation is projected to decline starting in early 2018.\n  - The external position has strengthened."
    },
    {
      "heading": "Key findings and technical observations",
      "content": "- Program implementation:\n  - All end-June 2017 performance criteria met.\n  - All end-June 2017 structural benchmarks met.\n- Macroeconomic environment:\n  - Strengthened economic activity linked to stronger growth in main trading partners.\n  - External position described as strengthened.\n- Fiscal and structural factors:\n  - Fiscal overperformance contributed to improved confidence.\n  - Authorities undertaking efforts to address structural weaknesses.\n- Inflation outlook:\n  - Projection: inflation is projected to decline starting in early 2018."
    },
    {
      "heading": "Subjects and keywords (as provided)",
      "content": "- Subjects: Banking, Credit, External debt, Financial institutions, Loans, Money, Public debt, Taxes, Value-added tax\n- Keywords: authorities' effort, authority, broad money, CR, Credit, exchange rate, First Review of Georgia's performance, floating exchange rate regime, GDP deflator, Global, growth prospect, inflation targeting framework, ISCR, Loans, short-term debt, Value-added tax\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: December 7, 2017",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484331224.002",
    "Publication date: December 7, 2017",
    "The program is on track with all end-June 2017 performance criteria and structural benchmarks met.",
    "IMF staff supports the authorities’ request for:",
    "Economic outlook notes:",
    "Program implementation:",
    "Macroeconomic environment:",
    "Fiscal and structural factors:",
    "Inflation outlook:",
    "Subjects: Banking, Credit, External debt, Financial institutions, Loans, Money, Public debt, Taxes, Value-added tax",
    "Keywords: authorities' effort, authority, broad money, CR, Credit, exchange rate, First Review of Georgia's performance, floating exchange rate regime, GDP deflator, Global, growth prospect, inflation targeting framework, ISCR, Loans, short-term debt, Value-added tax",
    "**Country Report**"
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