IMF Praises Georgian Economic Reforms
The Deputy Managing Director of the International Monetary Fund (IMF), Tao Zhang, met yesterday with First Vice Prime Minister of Georgia and Minister of Economy and Sustainable Development Dimitry Kumsishvili.
“We are very delighted that Georgia has good results in economic growth and in terms of reforms. We have reiterated at this meeting to continue working with them in order to achieve the goals and of course, we wish Georgia and Georgian people the best,” - Tao Zhang
According to the Press Office of the Ministry of Economy, the meeting was held within the scope of the visit of the Georgian Government delegation to the United States. The IMF is headquartered in Washington, D.C.
Georgia’s economic development was discussed in both sectoral and fiscal terms. The focus was on ongoing and future economic reforms. One of the main topics of the meeting was Georgia's credit guarantee reform. The IMF has pledged to support Georgia in implementing a credit guarantee fund. The Credit Guarantee Mechanism will be a guarantor for loans to small and medium-sized enterprises from commercial banks. The project was initiated by Kumsishvili and the Ministry of Economy. Its goal is to make it easier for small and medium-sized businesses to access financing.
After the meeting, Kumsishvili said “We asked the International Monetary Fund full support in setting up a credit guarantee fund. The IMF will work together with us in this direction and I am sure that we will receive quite a good result.” The hope is that accelerating reforms and focusing on small businesses will help the country promote higher and more inclusive growth.
Georgia has a long history of working with the IMF to implement economic reforms and evaluate the country’s progress.
By Samantha Guthrie
Photo: Twitter
Related Stories:
Georgia's Finance Minister Holds High-Rank Meetings in Washington
Kumsishvili on the Latest IMF Support
International Monetary Fund Mission Positively Assesses Georgias Economic Indicators