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Friday, February 3, 2023

Georgia: Ministers of Economic Profile meets director of Middle East and Central Asia Department of IMF

Georgia: Vice Prime Minister, Minister of Economy and Sustainable Development Levan Davitashvili and Minister of Finance Lasha Khutsishvili met with Jihad Azur, Director of the Middle East and Central Asia Department of the International Monetary Fund, who is on a two-day official visit to Georgia.

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Georgia: Vice Prime Minister, Minister of Economy and Sustainable Development Levan Davitashvili and Minister of Finance Lasha Khutsishvili met with Jihad Azur, Director of the Middle East and Central Asia Department of the International Monetary Fund, who is on a two-day official visit to Georgia.

The meeting was attended by the permanent representative of IMF in Georgia, Selim Chakir, deputy ministers of finance and economy and sustainable development and heads of departments.

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The parties reviewed the issues of cooperation between Georgia and the International Monetary Fund. The importance of the new, three-year program aimed at further strengthening macroeconomic stability, increasing medium-term growth prospects in the face of challenges in the region, and promoting the continuation of structural reforms, including public finance management, state enterprise reforms and energy support schemes, was emphasized.



The party informed the director of the Middle East and Central Asia Department of the International Monetary Fund about the current situation in the country’s economy, indicators of economic growth as of the 5th month of the current year, as well as future forecasts. It was emphasized at the meeting that Georgia has quite a successful experience in managing external shocks, and despite the current geopolitical shock, by implementing an immediate and effective economic policy, the economy of Georgia maintains high rates of economic growth, sustainability and macroeconomic stability.

As noted by the director of the IMF’s Middle East and Central Asia Department, the authorities have made significant progress in strengthening the regulation and supervision of the financial sector. 

According to him, the IMF supports the economic program developed by the government, which is focused on reducing the fiscal deficit, inflation and external vulnerabilities, as well as on the structural reforms necessary to boost growth.

The close relationship between Georgia and the IMF was emphasized at the meeting. It was said that the fund provides significant support to Georgia through various programs, including technical assistance. The parties also discussed the current events in the region and their impact on the economy of both Georgia and the region.

At the end of the meeting, the parties expressed their readiness to continue cooperation in the process of implementing economic and structural reforms important for the country.

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