Ministers of Economic Profile Met with IMF Middle East and Central Asia Department Director

Published in Economics
Friday, 22 July 2022 12:56

Vice Prime Minister, Minister of Economy and Sustainable Development Levan Davitashvili and Minister of Finance Lasha Khutsishvili met with Jihad Azour, Director of the Middle East and Central Asia Department of the International Monetary Fund, who was on a working visit to Georgia.

According to the administration of the Ministry of Economics, the IMF Resident Representative for Georgia, Selim Chakir as well as Deputy Ministers and the Heads of Departments of the Ministry of Finance and the Ministry of Economy and Sustainable Development attended the meeting.

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

Georgian side informed the Director for 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 for 5 months of the current year, as well as future forecasts. It was emphasized 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 Selim Chakir noted, the authorities have shown significant progress in the direction of strengthening the regulation and supervision of the financial sector. According to the Chakir, the IMF supports the economic program developed by the government, which is focused on reducing fiscal deficit, inflation and external vulnerabilities, as well as structural reforms necessary to boost growth.

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

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