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Wednesday,
August 22,
2007, #160 (1427)
The IMF's executive board completed the sixth and final review of Georgia's economic performance on August 20, under the three-year program supported by the Poverty Reduction and Growth Facility (PRGF) arrangement. The board also approved a USD 21.3 million disbursement under the PRGF arrangement. Takatoshi Kato, the board's deputy managing director and acting chair said Georgia's economic performance has been "impressive" in recent years, with rapid growth maintained last year despite the loss of major export markets. "Such resilience reflects the authorities' pursuit of consistently strong policies, allowing them to achieve macroeconomic stability and remarkable improvements in fiscal performance and the business environment," he said. The board noted the National Bank of Georgia intends to maintain its focus on keeping inflation in single-digits. "The authorities intend to press ahead with an ambitious structural reform agenda which, supported by prudent fiscal policies, will be key to maintaining competitiveness in the medium term," Kato said. "The authorities
intend to remain closely engaged with the Fund after the expiration
of the PRGF arrangement," he added. |
IMF
approves USD 21.3 million disbursement to Georgia