Georgia: Sixth Review Under the Stand-By Arrangement and Requests for Modification of Performance Criteria, Waiver of Nonobservance of Performance Criterion, Waiver of Applicability of Performance Criterion, and Rephasing of Purchase: Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Georgia.
IMF Staff Country Reports, July 19, 2010
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- Georgia: Sixth Review Under the Stand-By Arrangement and Requests for Modification of Performance Criteria, Waiver of Nonobservance of Performance Criterion, Waiver of Applicability of Performance Criterion, and Rephasing of Purchase: Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Georgia.
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Bibliographic details
- Authors: Arrangement, Requests
- Published: July 19, 2010
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455206520.002
Economic recovery and program status
- The economic recovery has gained strength in Georgia.
- The corrective policy actions provide adequate assurances that the program objectives are on track.
- The success in mobilizing additional budgetary support and diversifying financing sources is commended.
Fiscal policy and institutional measures
- Postponing implementation of a referendum requirement on tax increases, until the fiscal deficit has been returned to prudent levels, enhances policy flexibility.
- Mobilization of additional budgetary support and diversification of financing sources are highlighted as positive developments.
Monetary policy
- The recent tightening of monetary policy is warranted and should continue.
Exit strategy and confidence
- The exit strategy has been reinforced by improvements in confidence accompanying the rebound in activity.
Subjects and keywords (as listed)
- Subjects: Banking, Depreciation, External debt, Financial institutions, Foreign exchange, Loans, National accounts, Public debt
- Keywords: Central and Eastern Europe, Central Asia, CR, Depreciation, dollar, Europe, exchange rate pressure, FDI inflow, financial support, fund staff estimate, Global, ISCR, lari, Loans, NIR PC, policy stance