Georgia: Fifth Review Under the Stand-By Arrangement and Request for Modification of Performance Criteria
IMF Staff Country Reports, March 29, 2010
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- Georgia: Fifth Review Under the Stand-By Arrangement and Request for Modification of Performance Criteria
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Bibliographic details
- Authors: Arrangement, Request
- Published: March 29, 2010
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455206513.002
Summary and Main Findings
- Discusses key findings of the Fifth Review Under the Stand-By Arrangement for Georgia.
- The 2010 program sets out a viable exit strategy from official external support, permitting the Georgian authorities to return to capital markets ahead of their large debt rollover needs in 2013–14.
- Fiscal consolidation remains based on expenditure containment both in 2010 and over the medium term.
- The authorities are enhancing banking sector supervisory capacity and raising its efficiency.
- Reflecting improved liquidity conditions, deposit interest rates have decreased but remain high.
Fiscal Policy and Public Debt
- Fiscal consolidation anchored on expenditure containment in 2010 and over the medium term.
- Objective: enable return to capital markets prior to large debt rollover needs in 2013–14.
Banking Sector and Financial Institutions
- Authorities are enhancing banking sector supervisory capacity.
- Measures aimed at raising banking sector efficiency.
Monetary and Financial Conditions
- Improved liquidity conditions have contributed to decreased deposit interest rates.
- Deposit interest rates remain high despite recent decreases.
Subject Tags and Keywords (as provided)
- Subjects: Banking, Expenditure, External debt, Financial institutions, Foreign exchange, Loans, Public debt
- Keywords: Central Asia, CR, criteria informational annex, Europe, Executive Board's discussion, Global, headline inflation, ISCR, Loans, modification, monetary policy effectiveness, performance criteria informational annex, request, request for modification, SDR