Whether or not the IMF will Revise Economic Growth Forecast?


Georgian Finance Minister’s working visit to the United States has completed October 14. At the end of the visit Nodar Khaduri met with  President of the Asian Development Bank [ADB] Takehiko Nakao and CitiBank's representatives.

A projects implemented by the bank in Georgia were discussed during a meeting with the ADB President.

Tbilisi - Rustavi highway construction, water and sewer systems rehabilitation issues were discussed at the meeting as well. According to the agreement achieved between the parties, a Business Forum organized by the Government and the Asian Development Bank will be held in the spring of 2014.

"Meetings held in the United States convinced me that the overall background is very good. Washington is well aware of the situation in Georgia, both investors and heads of international financial organizations believe the new government.

We agreed to continue our cooperation in bilateral and multilateral activities," - said the Finance Minister  Nodar Khaduri.

Minister also spoke about a forecast released by the International Monetary Fund in respect to Georgia. He says the Fund will revise the forecast.

According to Nodar Khaduri, the Executive Director of the Foundation pledged this. Minister claims that  the Fund’s representative himself was surprised by these predictions. As we reported, the IMF deteriorated Georgia’s economic growth forecast for the second time. The organization suggests a 6 % growth in the beginning of the year, in June this rate fell to 4 % and at present it makes 2.5%.

The Fund’s analysts say that  the slowdown in economic growth is due to reduced private investments and credits  as well as the economical expenses  of  the budget funds.

 Adapted from commersant.ge

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