H.E. Lasha Khutsishvili, Minister of Finance of Georgia Highlights the Significance of a New Three-Year Program with the IMF



H.E. Lasha Khutsishvili, Minister of Finance of Georgia met Paul Hilbers, IMF Executive Director; Jihad Azour, Middle East and Central Asia (MCD) Department Chief; James John, IMF Mission Chief within the scope of Annual Spring Meetings of the International Monetary Fund (IMF) and World Bank Group (WBG).

Meeting was also attended by Giorgi Kakauridze, First Deputy Minister of Finance and Ekaterine Guntsadze, Deputy Minister of Finance.

During the discussions the Minister of Finance highlighted the support demonstrated by the IMF to Georgia in the implementation of its reform agenda. As Lasha Khutsishvili noted, Georgia successfully completed the previous program irrespective of the most negative impact of the COVID-19 pandemic in 2020-2021 and it was utterly vital in designing the anti-crisis package and mobilizing the required resources. In addition, he stressed the significance of the new three-year program with the IMF, which is yet another evidence of the IMF support and commitment to the country.

Discussion was also related to the EU Membership Application of Georgia. As Lasha Khutsishvili noted, the country has already received the Questionnaire and an active process is carried out to prepare the responses. “This process gives a historic chance and responsibility to Georgia towards adhering to the EU standards in our policies and structural reform agenda” stated the Minister of Finance of Georgia.

Dignitaries reviewed the macroeconomic and fiscal parameters and projections of the country for the current year in a medium-term against the background of current military activities witnessed in Ukraine as a result of the Russian aggression. Discussion was also related to the support demonstrated by Georgia to Ukraine and enforcement of the imposed international sanctions.

It was noted that fiscal policy of the country is aimed at the effective management of current difficulties, implementation of vital structural reforms and achievement of fiscal consolidation at the same time.

The Minister of Finance of Georgia expressed his gratitude to the Executive Director of the IMF, MCD Department Head, IMF Mission Chief and Resident Representative in Georgia for the active cooperation with the country over these years and expressed hopes that partnership will facilitate the continuation of growth-oriented economic and fiscal policies in the country.

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