Georgia: Request for a Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Georgia PDF Download
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Author: International Monetary
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 91
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Book Description
The authorities’ policy response aided a robust recovery from the COVID-19 shock in 2021 with output growth above expectations reflecting pent-up demand and strong export performance. However, spillovers from the war in Ukraine are expected to dampen growth, raise inflation, and widen the current account deficit this year. The recovery in 2021 and scaling back of pandemic measures led to a decline in the fiscal deficit and government debt. Inflation is expected to remain higher for longer, reflecting elevated global food and commodity prices. The NBG has increased its policy rate by 3 percentage points since March 2021.
Author: International Monetary
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 91
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Book Description
The authorities’ policy response aided a robust recovery from the COVID-19 shock in 2021 with output growth above expectations reflecting pent-up demand and strong export performance. However, spillovers from the war in Ukraine are expected to dampen growth, raise inflation, and widen the current account deficit this year. The recovery in 2021 and scaling back of pandemic measures led to a decline in the fiscal deficit and government debt. Inflation is expected to remain higher for longer, reflecting elevated global food and commodity prices. The NBG has increased its policy rate by 3 percentage points since March 2021.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1475502818
Category : Business & Economics
Languages : en
Pages : 89
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Book Description
This staff report considers Georgia’s request for a Stand-By Arrangement and an arrangement under the Standby Credit Facility. Performance in 2011 has been stronger than originally envisaged, with growth of nearly 7 percent, inflation in the low single digits, public debt falling to 34 percent of GDP, and international reserves increasing to US$2.8 billion. Exchange rate flexibility remains a critical instrument of adjustment in response to shocks. At the same time, high financial dollarization may require the central bank to intervene to avoid abrupt, and potentially destabilizing, exchange rate fluctuations.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451814674
Category : Business & Economics
Languages : en
Pages : 117
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Book Description
This paper examines Georgia’s request for an 18-month arrangement for SDR 477.1 million, equivalent to about US$750 million, which would constitute exceptional access. IMF support to the government’s macroeconomic policies is intended to provide the needed financing to rebuild gross international reserves, and to help restore investor confidence. Monetary policy has to tackle the dilemma of providing sufficient liquidity to the banking system while stabilizing the exchange rate and avoiding an excessive loss of international reserves.
Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN: 1475594658
Category : Business & Economics
Languages : en
Pages : 103
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Book Description
This paper discusses Georgia’s Request for Extended Arrangement under the Extended Fund Facility and Cancellation of Stand-by Arrangement (SBA). The authorities in Georgia have formulated a comprehensive program to preserve macro and financial stability and advance structural reforms to bolster growth. The program envisions fiscal consolidation over the medium term, anchored in keeping debt at its current level while shifting spending toward capital investment to address infrastructure bottlenecks. The IMF staff supports the authorities’ request for the approval of the three-year Extended Arrangement under the Extended Fund Facility and the cancellation of the SBA arrangement.
Author:
Publisher:
ISBN:
Category : Finance
Languages : en
Pages : 0
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Book Description
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1455285625
Category : Business & Economics
Languages : en
Pages : 44
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Book Description
This is the final review under the Stand-By Arrangement for Georgia. Recent economic developments have been largely in line with the program expectations. Policy targets for the year 2011 have been strengthened. The authorities are in the process of designing a medium-term policy framework to address these challenges. The authorities reiterated their interest in a successor arrangement, but needed time to design their medium-term policy framework before submitting a formal request. The economy is growing at a solid pace, and international reserves have been restored to pre-crisis levels.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1475526725
Category : Business & Economics
Languages : en
Pages : 89
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Book Description
This staff report considers Georgia’s request for a Stand-By Arrangement and an arrangement under the Standby Credit Facility. Performance in 2011 has been stronger than originally envisaged, with growth of nearly 7 percent, inflation in the low single digits, public debt falling to 34 percent of GDP, and international reserves increasing to US$2.8 billion. Exchange rate flexibility remains a critical instrument of adjustment in response to shocks. At the same time, high financial dollarization may require the central bank to intervene to avoid abrupt, and potentially destabilizing, exchange rate fluctuations.
Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 68
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Book Description
The Georgian economy has performed strongly in 2022 as adverse spillovers expected from the war in Ukraine have not materialized thus far. Buoyant tourism revenues, a surge in war-related immigration and financial inflows, and a rise in transit trade through Georgia have lifted growth and fiscal revenues, strengthened the current account balance and the lari, and supported reserve accumulation. Inflation remains elevated, reflecting still high commodity prices and strong domestic demand. Growth and inflation are expected to moderate in 2023 with subsiding external inflows, less favorable global economic and financial conditions, smaller fiscal deficits, and a sufficiently tight monetary policy stance. In 2024, growth is projected to converge to its potential rate and inflation is forecast to fall to the NBG’s target.
Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN: 1484344510
Category : Business & Economics
Languages : en
Pages : 82
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Book Description
The new government is committed to prudent macroeconomic policies and to enhancing Georgia’s business-friendly environment. Large external liabilities plus its high current account deficit remain the main sources of vulnerability, and reducing these in an orderly manner is a key macroeconomic challenge. Greater exchange rate flexibility should help align its monetary policy and exchange rate decisions more closely with its inflation. Maintaining central bank independence and increasing monetary policy transparency are welcomed by the Executive Directors. The impressive structural agenda aims at improving the business environment and at boosting competitiveness.
Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN: 1484323556
Category : Business & Economics
Languages : en
Pages : 82
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Book Description
The new government is committed to prudent macroeconomic policies and to enhancing Georgia’s business-friendly environment. Large external liabilities plus its high current account deficit remain the main sources of vulnerability, and reducing these in an orderly manner is a key macroeconomic challenge. Greater exchange rate flexibility should help align its monetary policy and exchange rate decisions more closely with its inflation. Maintaining central bank independence and increasing monetary policy transparency are welcomed by the Executive Directors. The impressive structural agenda aims at improving the business environment and at boosting competitiveness.
