Georgia: Fifth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of a Performance Criterion—Staff Paper; Staff Statement; Press Release on the Executive Board Discussion; and Statement by th

Fifth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of a Performance Criterion—Staff Paper; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Georgia

Author: International Monetary Fund

Volume/Issue: Volume 2007 Issue 107

Publication date: March 2007

ISBN: 9781451814651

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Topics covered in this book

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Exports and Imports , Inflation , Money and Monetary Policy , Public Finance , Public Policy - Social Services and Welfare , ISCR , CR , growth facility , Three-Year arrangement , performance criterion informational annex , reserve money growth , request , request for waiver , Monetary base , Inflation , Imports , Currencies , Western Europe

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Summary

This paper discusses key findings of the Fifth Review Under the Poverty Reduction and Growth Facility for Georgia. Despite economic sanctions imposed by Russia in 2006, Georgia’s economic growth continues to be strong, and inflation has declined. Growth is expected to reach 9 percent in 2006 and to slow only moderately to 7–8 percent in 2007. Inflation was back into single digits by end-2006. The 2007 budget is an appropriate compromise between the country’s pressing spending needs and the goal of macroeconomic stability.