Georgia : Request for a Stand-By Arrangement and an Arrangement Under the Stand-by Credit Facility: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Georgia.

Format:

Book

Government document

Author/Creator:

International Monetary Fund.

Series:

IMF Staff Country Reports; Country Report ; No. 2012/098

IMF country report ; no. 12/98

IMF Staff Country Reports

Language:

English

Subjects (All):

Credit--Georgia (Republic).

Credit.

International finance.

Georgia (Republic)--Economic conditions.

Georgia (Republic).

Georgia (Republic)--Economic policy.

Physical Description:

1 online resource (92 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2012.

Language Note:

English

Summary:

This staff report considers Georgia’s request for a Stand-By Arrangement and an arrangement under the Standby Credit Facility. Performance in 2011 has been stronger than originally envisaged, with growth of nearly 7 percent, inflation in the low single digits, public debt falling to 34 percent of GDP, and international reserves increasing to US$2.8 billion. Exchange rate flexibility remains a critical instrument of adjustment in response to shocks. At the same time, high financial dollarization may require the central bank to intervene to avoid abrupt, and potentially destabilizing, exchange rate fluctuations.

Contents:

Cover; CONTENTS; INTRODUCTION; BACKGROUND AND RECENT DEVELOPMENTS; POLICY DISCUSSIONS AND PROGRAM FOR 2012-14; A. Fiscal Policy; B. Public Financial Management and the Partnership Fund; C. Exchange Rate Policy and International Reserves; D. Monetary Policy; E. Financial Sector Policies; PROGRAM ISSUES; STAFF APPRAISAL; BOXES; 1. Growth, Unemployment and Social Challenges; 2. The Economic Liberty Act; 3. Downside Scenario and Potential External Financing Gap; TABLES; 1. Selected Macroeconomic Indicators, 2009-17; 2a. General Government Operations, 2010-17

2b. Quarterly General Government Operations, 2011-123. Summary Balance of Payments, 2009-17; 4. Accounts of the National Bank of Georgia, 2011-17; 5. Monetary Survey, 2011-17; 6. Selected Monetary and Financial Soundness Indicators, 2007-11; 7. External Vulnerability Indicators, 2008-17; 8. Indicators of Fund Credit, 2008-17; 9. Schedule of Prospective Reviews and Available Purchases and Loans, 2012-14; 10. External Financing Requirements and Sources, 2008-17; ANNEX; I. Debt Sustainability Analysis; APPENDIX; I. Letter of Intent; Attachment 1. Memorandum of Economic and Financial Policies

Attachment 2. Technical Memorandum of UnderstandingCONTENTS; ANNEX I. RELATIONS WITH THE FUND; ANNEX II. RELATIONS WITH THE WORLD BANK; ANNEX III. RELATIONS WITH THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT (EBRD); ANNEX IV. STATISTICAL ISSUES

Notes:

Description based upon print version of record.

Includes bibliographical references.

Description based on print version record.

ISBN:

9781475550993

1475550995

9781475526721

1475526725