H.E. Lasha Khutsishvili, Minister of Finance of Georgia met Axel van Trotsenburg, Managing Director of the World Bank for Operations; Anna Bjerde, Vice President of the World Bank; Koen Davidse, Executive Director of the World Bank within the scope of Annual Spring Meetings of the International Monetary Fund (IMF) and World Bank Group (WBG) today.
The Minister of Finance of Georgia expressed his gratitude to the hosting officials for the existing cooperation with the country, which is marking its 30th Anniversary this year. Minister particularly highlighted the support received from the World Bank during and after the global pandemic caused by COVID-19.
Current macroeconomic parameters were reviewed at the meeting, along with consequences of COVID-19 crisis and trends of economic recovery, especially against the background of the Russian aggression and military activities witnessed in Ukraine. Discussion was related to the support demonstrated by Georgia to Ukraine and enforcement of the imposed international sanctions.
In addition, dignitaries spoke about the launch of a new 3-year program with the International Monetary Fund (IMF).
The Minister of Finance of Georgia expressed his gratitude to the World Bank for deploying the so-called Program for Results (PforR) tool in the human capital development project for the first time ever. As the Minister noted, reform is particularly important for a consistent easing of negative results of the pandemic and increased effectiveness in the systems of healthcare, social security and education.
Dignitaries positively view the partnership within the scope of Development Policy Operations (DPO), which contributes to the inclusive growth and increased competitiveness of the private sector.
The Georgian side shared information with the World Bank leadership on the reform agenda of the county, which will be further implemented irrespective of the challenges faced by Georgia.
Managing Director and Vice President of the World Bank confirmed their readiness to continue support of Georgia in the process of reform implementation.
Currently, total exposure of the World Bank to Georgia amounts to 990 MLN USD.