Georgia's Finance Minister Holds High-Rank Meetings in Washington
Georgia’s Finance Minister, Mamuka Bakhtadze, has confirmed that the World Bank (WB) and the International Monetary Fund (IMF) support the already implemented economic reforms in the country and will continue financing ongoing projects.
“We have full support from the World Bank, the International Monetary Fund, the European Union, the European Investment Bank, as well as full support of the initiative to promote small and medium businesses and human capital," Bakhtadze said after a number of high-rank meetings in Washington DC within the framework of the Spring Meetings of the International Monetary Fund and the World Bank Group.
The Meetings annually bring together central bankers, ministers of finance and development, private sector executives and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness. This year's Spring Meetings events took place in Washington on April 16-22.
During his visit, the Georgian Minister met with the Executive Director of International Monetary Fund, Anthony De Lannoy, and discussed the ongoing Extended Fund Facility under which Georgia is receiving $285.3 million over a three-year period.
De Lannoy noted that Georgia made a lot of progress between the first and second reviews, and, after the IMF executive board approves the second review, Georgia is to receive $43.6 million over the course of this year.
Furthermore, at the meeting with World Bank Group Executive Director, Frank Heemskerk, which saw the introduction of Georgia’s current macroeconomic indicators, it was decided that Tbilisi will host the World Bank’s (WB) executive board meeting in May, 2018.
“Hosting such a high-rank meeting is a big responsibility for Georgia. I would like to thank everyone who made such an important decision,” Bakhtadze told Heemskerk. Successful completion of the second review of the International Monetary Fund Enhanced Financing Mechanism (EFF) Program was also positively assessed at the meeting.
The sides emphasized the importance of the reforms implemented by the Georgian government for achieving inclusive economic growth and poverty reduction.
It was also noted at the meeting that the World Bank will continue funding the priority fields of the country, including energy, agriculture, regional and municipal development and infrastructure projects.
Within the frames of the visit, Bakhtadze and Georgian delegation members met with the Vice President of the International Finance Corporation (IFC), Georgina Baker, and discussed current and future projects of the IFC in Georgia.
The Finance Minister thanked the IFC Vice President for financing priority sectors of the country, like agriculture, industry, healthcare, infrastructure, energy, small and medium enterprises and the capital market.
"We discussed the issues of successful bilateral cooperation between the IFC and Georgia. I'm glad that the partnership continues. We are going to support Georgia in the future,” Baker stated at the meeting. FC is a member of the World Bank Group and is the largest international institution focused on development. World Bank's private sector operations are funded by IFC. During the past two decades, it has been promoting private sector development through investments and consulting services in Georgia.
Bakhtadze also met Robert Blau, the Vice President of the Millennium Challenge Corporation (MCC).
The sides discussed the implemented and ongoing projects in Georgia with the support of the MCC.
By Thea Morrison