Dimitry Kumsishvili Meets with Heads of Int’l Financial Institutions

Dimitry Kumsishvili, Minister of Finance and First Vice Premier of Georgia, Koba Gvenetadze, President of the National Bank of Georgia and David Bakradze, Ambassador of Georgia to the US, met with international financial organization representatives while on a working visit to the US.

The economic trends of Georgia and current reforms were discussed during the meeting of Kumsishvili and International Monetary Fund (IMF) Executive Director, Anthony De Lannoy, in Washington, within the framework of the IMF and World Bank annual spring meetings.

The minister emphasized the importance of ongoing reforms in the country which, in the mid-term period, are expected to create new employment opportunities and speed up economic growth in Georgia. It was also highlighted that the new three-year $285 million program of the IMF for Georgia, announced last week, is based on the priorities of the Georgian government’s Four Point Reform Plan.

De Lannoy expressed hope that the IMF’s program will successfully develop and continue in future.

“It was a pleasure to meet with the minister,” he said. “We talked about the International Monetary Fund’s new program for Georgia and the fact that the board of executive directors approves the ongoing and future reforms. In general, positive dynamics are visible. The minister made an excellent overview of the reforms and activities, which I hope will be very successful”.

“We share your enthusiasm and support you in the process of fiscal reforms,” said Jihad Azour, IMF’s Director of Middle East and Central Asia Department at his meeting with Kumsishvili, following discussions about the spatial development reform and road infrastructure development plans.

“We had a constructive meeting with the Georgian delegation, headed by Minister Kumsishvili,” said Vitor Gaspar, Director of the Fiscal Affairs Department of the IMF. “The progress that Georgia has made is impressive indeed. The strategy of its fiscal policy is a distinct sign that the Georgian government will strengthen tax revenue mobilization in the upcoming three years and more, which will have a positive effect on Georgia’s economic growth.”

Within his working visit to US, Dimitry Kumsishvili also met with Francis Malige, Managing Director Eastern Europe and the Caucasus, European Bank for Reconstruction and Development (EBRD), and talked about its strategy in Georgia, related to the Georgian government’s Four Point plan.

“The areas of our activity in Georgia are capital markets, infrastructure, and small and medium business development,” Malige said. “We also help companies to adapt to the European market. We have a large spectrum of constructive cooperation with Georgia, which will continue”.

The parties discussed the possibility of presenting Georgia’s investment potential at the EBRD annual meeting to be held in Cyprus.

Nino Gugunishvili

24 April 2017 18:03