WASHINGTON (Reuters) – The International Monetary Fund said on Monday that it had reached an agreement with Georgia that, once approved, would allow the payment of 30 million dollars of the global lender’s Executive committee.
IMF staff met with Georgian authorities in Tbilisi from October 26 to 7 November Georgia’s position for the first time to review the policy agreement – the IMF said in a statement, according to the arrangement. The board is expected to review the deal in December.
Georgia with the IMF and million is the first disbursement.
IMF mission chief James John said Georgia’s economy was strong in 2022 and Russia’s war in Ukraine had less adverse impact
Georgia is expected to achieve 26 % growth at 26, slightly lower than expected 10.4 percent, but well above the 3 percent forecast after the war began, he said. Inflation is expected to hit 2023.5% this year, but both growth and inflation are expected to slow 2023.
John said strong tourism revenues, a surge in war-induced immigration and financial inflows, and increased transit trade through Georgia have boosted economic output and fiscal revenue.
Given the high level of uncertainty, including global economic and financial developments, he said Georgian authorities should remain firmly focused on maintaining macroeconomic stability and continuing Structural reform.
“Fiscal policy has been rightly focused on building buffers and managing risk. The authorities are saving some windfall revenue and will achieve a deficit significantly lower than the SBA in 2022 Expected when it is approved in June,” John said. Further fiscal adjustments are planned at
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