H.E. Lasha Khutsishvili, Minister of Finance of Georgia met Damien Shiels, Acting Regional Director of the International Financial Corporation (IFC) within the scope of the Annual Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) today.

Dignitaries reviewed the current cooperation between Georgia and IFC and a decision made by the latter on increasing its portfolio in support of the private sector of Georgia.

Discussion was also related to the consequences of the global pandemic caused by COVID-19 in Georgia and the wider region, as well as steps taken by the authorities of the country against the pandemic, which resulted in one of the highest rates of economic recovery in 2021. Positive data are evidencing the trend from the beginning of the current year. At the same time, current global and regional challenges were highlighted in relation to the Russian invasion of Ukraine.

As H.E. Lasha Khutsishvili, Minister of Finance of Georgia noted, the country will continue reforms in such areas as an increased energy security and independence, infrastructure upgrades, promotion of competitiveness, digitalization and development of innovative services, capital market reform and others with an aim of addressing the challenges.

Role of the private sector was stressed in the recovery and development of the economy. Attention was paid to the significance of human capital reform, which is aimed at the improvements in the healthcare and education sectors, regarded to be one of the key priorities in communication with international financial institutions (IFI).

Lastly, hopes were expressed on IFC further continuing support of the country in the form of investments, expertise and technical assistance.