The International Monetary Fund (IMF) Executive Board completes the eighth review under the extended fund facility for Georgia, the National Bank of Georgia (NBG) reports. This is the last review under the arrangement and its completion will release $111 million, bringing total disbursements to $687 million.
Repeated restrictions on movement and economic activity took a toll on economic growth with output contracting by 6.2% in 2020. The authorities’ policy response helped limit the human toll of the pandemic and rightly focused on protecting the vulnerable, the review reads.
NBG underlines the points concluded in the review:
- The completion of the eighth review concludes the EFF supported program which has helped strengthen the economy’s resilience to shocks, as underscored by Georgia’s ability to successfully navigate the fallout from the COVID-19 pandemic.
- The Georgian economy is expected to resume growth from the second quarter of 2021 onwards and output is projected to expand by 3.5 percent this year.
- Continued prudent macroeconomic policies and implementation of structural reforms would help ensure a durable and inclusive recovery.
By Ana Giorgadze