Natia Turnava Met with IMF Mission
05-02-2020

Minister of Economy and Sustainable Development of Georgia, Natia Turnava, met with the members of the IMF Mission led by the Head of the IMF Mission, Mercedes Vera-Martin.

The meeting focused on the issues related to the economic trends of Georgia and the progress of the program under the Extended Financing Mechanism of the IMF. It was stressed that Georgia’s economic growth amounted to 5,2% in 2019, which is a higher rate than the IMF forecast.
 
“Despite the economic challenges last year, Georgia managed to keep the economy stable and steadily growing. At the same time, it is important that the economic growth is highly diversified - positive trends were being observed in terms of production and services. The economic growth was promoted by the improvement and growth of foreign trade in the tourism sector, finishing the previous year, at least, in moderate increments, despite a decline in the revenues gained from this sector in July-September,”- Natia Turnava noted. According to the Minister, the government will be able to improve economic stability and maintain inclusive economic growth through implementing proper fiscal and structural reforms.

The Head of the IMF Mission evaluated the progress of the IMF program noting that the structural changes that have taken place serve the inclusive economic growth in Georgia, which will be reflected in the standard of living of every citizen.

The discussions touched upon the ongoing and planned energy reforms, which aim at ensuring transparency and competitiveness in the sector. It was emphasized that as a result of the reforms Georgia will have an open and a competitive energy market with a regulatory basis approaching European standards. 

The First Deputy Minister of Economy and Sustainable Development, Ekaterine Mikabadze and the Resident Representative of the International Monetary Fund in Georgia, Selim Cakir also attended the meeting.


Ministry of Economy and Sustainable Development of Georgia. © 2021