IMF Has Increased Georgia’s Economic Growth Forecast

IMF Has Increased Georgia’s Economic Growth Forecast

International Monetary Fund expects 4,3% economic growth in Georgia in 2017 instead of the previously forecasted 3,5%. Moreover, IMF has also increased the forecast for the next year. Now IMF’s expectation is 4,2% economic growth in the country.

“Georgia’s economic program has started very impressively. By the end of July, all the numerical criteria set forth by IMF were fulfilled. Faster than expected economic growth was facilitated by reasonable policy and high rate of growth of trade partners. Also, export, tourism and investments have increased. By implementing reforms planned for mid-term period we expect higher growth speed”, – stated Mercedes Vera-Martin, Head of Mission of International Monetary Fund.

Besides, International Monetary Fund has completed the first review of the three-year economic program. Preliminary agreement will be considered by IMF Board of Executive Directors in November and if approved, second tranche of 42,3 mln USD (30 mln SDR) will become available for Georgia. This will make the amount of current transfers equal to 84,6 mln USD (60 mln SDR).

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