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.

Georgian Prime Minister’s meeting with IMF Director of the Middle East and Central Asia Department

Published in Economics
Thursday, 07 July 2022 13:25

Today, Georgian Prime Minister Irakli Garibashvili met with the Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF).
The meeting focused on the close cooperation between Georgia and the IMF, with a special emphasis on the new program recently approved by the IMF, especially in light of the situation in the region.
The parties discussed the country's economic situation and macroeconomic parameters, underlining that Georgia maintains positive dynamics, with the average economic growth in January-May reaching 11.2%.
Irakli Garibashvili highlighted concrete directions prioritized by the Georgian government, including the importance of energy independence, reinforcing infrastructure, ensuring food safety, and implementing structural reforms.
The Prime Minister thanked Jihad Azour for support and the work carried out by the IMF for the benefit of Georgia.
The meeting at the Government Administration was attended by the Assistant to The Director of Middle East and Central Asia Department at the International Monetary Fund, Francisco Parodi, and the IMF Resident Representative for Georgia. Selim Cakir.

Press Service of the Government Administration

GLOBALink | Chinese currency RMB gains more int'l influence: economist

Published in CHINA
Monday, 11 April 2022 17:49

China's currency Renminbi (RMB), or the yuan, has seen wider acceptance in international usage as the country's resilient economic growth bolstered global demands and opening-up measures facilitated foreign investment.

The business volume of cross-border payments of the Chinese currency renminbi (RMB) grew rapidly in 2021, a report from the People's Bank of China showed.

Last year, over 3.34 million transactions were handled through China's RMB cross-border payment system, surging 51.55 percent year on year, according to the central bank.

The total value of these transactions stood at 79.60 trillion yuan (about 12.53 trillion U.S. dollars), jumping 75.83 percent from a year earlier.

"If China can develop the confidence to all people in the world and especially the main trading partners of China," its currency also could "help the stability of the currency in the developing countries, especially the main trading partners of China in the world," said Dendi Ramdani, an economist of Bank Mandiri in Indonesia.

The Chinese currency formally became the fifth currency in the Special Drawing Rights (SDR) basket on Oct. 1, 2016, joining the U.S. dollar, the euro, the Japanese yen, and the British pound.

The SDR, an international reserve asset created by the IMF in 1969 to supplement its member countries' official reserves, can be exchanged among governments for freely usable currencies in times of need.

Produced by Xinhua Global Service

Giorgi Kobulia Held Meeting with IMF Resident Representative in Georgia, Francois Painchaud

Published in Politics
Tuesday, 31 July 2018 10:10

Minister of Economy and Sustainable Development of Georgia, Giorgi Kobulia held a meeting with the Resident Representative of the International Monetary Fund in Georgia, Francois Painchaud.

On-going program under the IMF’s Extended Financing Facility (EFF) as well as the current economic trends and scheduled reforms were the main topics of the conversation. It was noted that the program is of outmost importance for Georgia, since it is based on the agenda of the Georgian Government and facilitates the achievement of the country’s strategic goals.

The Law on Accumulative Pension recently approved by the Parliament of Georgia also became the issue of the conversation and it was highlighted that the Law is an important step towards the improving of the existing social system. The parties also discussed other important reforms aimed at the inclusive growth of the country’s economy. 

International Monetary Fund representative emphasized all commitment and fulfillment of quantitative and structural criteria under the IMF program. The Resident Representative of the International Monetary Fund stressed on the successful implementation of all the obligations as well as the numerical and structural criteria by Georgia.

Parties to the conversation confirmed readiness to continue productive cooperation between Georgia and the IMF in the future as well.

Deputy Minister of Economy and Sustainable Development, Ekaterine Mikabadze also attended the meeting. 

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