Ministers of Economic Profile Meet IMF MCD Director



H.E. Levan Davitashvili, Deputy Prime Minister and Minister of Economy and Sustainable Development of Georgia along with H.E. Lasha Khutsishvili, Minister of Finance of Georgia met Jihad Azour, Director of the Middle East and Central Asia Department (MCD) at the International Monetary Fund (IMF) visiting the country with a two-day working visit.

Extended meeting was attended by Selim Cakir, IMF Resident Representative in Georgia, along with Deputy Ministers and Department Heads from the Ministries of Finance, Economy and Sustainable Development of Georgia.

Dignitaries reviewed the topics of cooperation between Georgia and the IMF, highlighting the significance of a new, three year-long program aimed at the further strengthening of macroeconomic stability in the country, prospects of increasing mid-term growth against the background of current challenges faced by the region, facilitated continuation of structural reforms implemented in public funds management (PFM), state-owned enterprises (SOEs) and schemes in support of energy sector.

The Georgian side shared information with the MCD Director on the current situation in the economy of the country, economic growth indicators for the first 5 months of the year and projections for future. Meeting was focused on the rather successful performance of Georgia in view of external shocks. It was noted that irrespective of the geo-political shocks, the economy of the country maintains high growth rates, resilience and macroeconomic stability by implementing the efficient and effective economic policies.

As the new MCD Director of the IMF noted, authorities of the country have demonstrated considerable progress in the regulation of the financial sector and towards strengthening oversight. He stated that the IMF supports the economic program developed by the Government of Georgia (GOG), which is oriented towards reducing the fiscal deficit, inflation and external vulnerabilities, as well as structural reforms that are essential to solidify the growth.

Close interaction of Georgia and the IMF was highlighted at the meeting. It was mentioned that the IMF provides significant support to the country through various programs, including its Technical Assistance (TA). Dignitaries also reviewed the current development of events in the region and their impact on the economy of the country and the region.

By the close of the meeting, dignitaries expressed readiness to continue cooperation during the implementation of significant economic and structural reforms in the country.

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