Finance Minister Holds Meetings with International Financial Institutions in US

Dimitri Kumsishvili, Minister of Finance of Georgia, held meetings with international financial institutions while on a visit to Washington, D.C, this weekend. Kumsishvili, as the Ministry of Finance, participated in the annual International Monetary Fund’s and World Bank’s meetings, where he spoke about the fiscal reforms implemented in Georgia, focusing on the Estonian model, which has been implemented in the country since 2017, enabling the business sector to retain the profit and use it for more investment, and for creating greater number of employment opportunities. 

As Kumsishvili noted, the ongoing and future reforms are based on the governments four stage reform plan, and it is important to use all the existing fiscal resources effectively. The Minister of Finance of Georgia also highlighted the decision of the Georgian government to cut the existing expenditure while increasing its capital, namely for the state infrastructure investment projects planned for the years of 2018-2021, that, as Kumsishvili mentioned, are oriented towards financing infrastructure projects which are expected to encourage investments and economic activity in the financial sector, as the Ministry of Finance informs. 

During his visit, Minister Kumsishvili met with Jihad Azour, IMF’s Director of Middle East and Central Asia Department, where it has been emphasized that Georgia is a leader in implementing reforms, and the future steps for the country’s economy to become more competitive and achieve higher pace of growth. 

Together with the President of the National Bank of Georgia, Koba Gvenetadze, Dimitri Kumsishvili also held meetings with JP Morgan and Deutsche Bank representatives, Minister of Finance of Georgia and members of the Georgian delegation met with Frank Heemskerk, Executive Director at the Board of the World Bank Group, and Cyril Muller, World Bank Vice President for Europe and Central Asia.

By Nino Gugunishvili