{
  "title": "Georgia: Request for a Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Georgia",
  "publication": "IMF Staff Country Reports, June 21, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/06/21/georgia-request-for-a-stand-by-arrangement-press-release-staff-report-and-statement-by-the-519907",
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  "summary": "The authorities’ policy response aided a robust recovery from the COVID-19 shock in 2021 with output growth above expectations reflecting pent-up demand and strong export performance.",
  "sections": [
    {
      "heading": "Summary and key findings",
      "content": "- The authorities’ policy response aided a robust recovery from the COVID-19 shock in 2021 with output growth above expectations reflecting pent-up demand and strong export performance.\n- Spillovers from the war in Ukraine are expected to dampen growth, raise inflation, and widen the current account deficit in 2022.\n- The recovery in 2021 and scaling back of pandemic measures led to a decline in the fiscal deficit and government debt.\n- Inflation is expected to remain higher for longer, reflecting elevated global food and commodity prices.\n- The NBG has increased its policy rate by 3 percentage points since March 2021."
    },
    {
      "heading": "Macro outlook and risks",
      "content": "- Growth: 2021 experienced output growth above expectations driven by pent-up demand and strong exports.\n- Inflation: Projected to remain elevated due to global food and commodity price pressures.\n- External sector: The current account deficit is expected to widen in 2022 due to spillovers from the war in Ukraine."
    },
    {
      "heading": "Fiscal and monetary developments",
      "content": "- Fiscal: Recovery and scaling back of pandemic measures contributed to a decline in the fiscal deficit and government debt in 2021.\n- Monetary: The National Bank of Georgia (NBG) increased its policy rate by 3 percentage points since March 2021."
    },
    {
      "heading": "Subject coverage and keywords",
      "content": "- Subject: Credit, Financial institutions, Fiscal risks, Inflation, International organization, Loans, Monetary policy, Money, Prices, Public debt, Public financial management (PFM)\n- Keywords: Credit, Fiscal risks, floating exchange rate regime, Georgia authorities, Georgian authorities, Global, government support, Inflation, intention to increasethe room, Loans, transparency policy\n\n---\n\n Content in this bundle\n\n- Georgia: Request for A Stand-by Arrangement\n  - Georgia: Request for A Stand-by Arrangement (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Georgia: Request for A Stand-by Arrangement (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Authors: Arrangement-Press Release",
    "Published: June 21, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400212406.002",
    "The authorities’ policy response aided a robust recovery from the COVID-19 shock in 2021 with output growth above expectations reflecting pent-up demand and strong export performance.",
    "Spillovers from the war in Ukraine are expected to dampen growth, raise inflation, and widen the current account deficit in 2022.",
    "The recovery in 2021 and scaling back of pandemic measures led to a decline in the fiscal deficit and government debt.",
    "The NBG has increased its policy rate by 3 percentage points since March 2021.",
    "Growth: 2021 experienced output growth above expectations driven by pent-up demand and strong exports.",
    "External sector: The current account deficit is expected to widen in 2022 due to spillovers from the war in Ukraine.",
    "Fiscal: Recovery and scaling back of pandemic measures contributed to a decline in the fiscal deficit and government debt in 2021.",
    "Monetary: The National Bank of Georgia (NBG) increased its policy rate by 3 percentage points since March 2021.",
    "Subject: Credit, Financial institutions, Fiscal risks, Inflation, International organization, Loans, Monetary policy, Money, Prices, Public debt, Public financial management (PFM)",
    "Keywords: Credit, Fiscal risks, floating exchange rate regime, Georgia authorities, Georgian authorities, Global, government support, Inflation, intention to increasethe room, Loans, transparency policy",
    "**Georgia: Request for A Stand-by Arrangement**"
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