Georgia Hosted IMF/WB Constituency Meeting
06 June, 2013
Georgia Hosted IMF/WB Constituency Meeting
Georgia hosted an annual Constituency Meeting of International Monetary Fund and World Bank from May 31 to June 2, 2013, summoning the managers of central banks as well as ministers of finances and economy of 15 constituency member countries and high rank officials of the World Bank/ IMF in Tbilisi. Bulgaria, Israel, Romania, Ukraine, Belgium, Luxembourg, Armenia, Bosnia and Herzegovina, Croatia, Cyprus, Georgia, Macedonia, Moldova, Montenegro, and the Netherlands made the list of participant countries. Georgian Primer, Bidzina Ivanishvili, opened
the Meeting extending his gratitude to the WB and IMF for their support from the very dawn of Georgia’s independence that actually helped Georgia to overcome the crisis.
“If not their recommendations it would be hard to our country to overcome the crisis,” Ivanishvili stated and accentuated that each member country out of the group of participants is an important partner to Georgia and the country has to use this cooperation format for getting closer relationships with them in future.
Giorgi Kadagidze, Governor of National Bank of Georgia (NBG), assessed the meeting as of particular importance since it offered the opportunity to hold the bilateral meetings with the high rank officials from the developed European countries and share their experience. During three working sessions the delegates discussed different issues of development, monetary and fiscal policy however except the official opening ceremony and statements made to media the meeting was held behind the closed door.
The NBG and Ministry of Finances of Georgia (MOF) as organizers of the Meeting accentuated on the importance that Georgia is a host country to the constituency meeting this year for it gives the opportunity to the policymakers of the member countries to get acquainted with the Georgian economy, business environment, economic achievements and challenges of the country in situ. They expect of the meeting to help the domestic companies in establishing business relations with the member countries and attracting more investments.
Lia Eliava, an economic analyst, believes the aid of both WB and IMF to Georgia was vital in its first days of independence of 1992 when the country was controlled by paramilitary groups in fact and nobody but WB and IMF turned out willing to lend money to the country and let out of difficulties. IMF also helped Georgia to create its national currency and streamline monetary policy. However now when Georgia stands stronger as a state it faces different challenges and there is kind of incoordination between Georgia’s needs and IMF recommendations that led the country to deflation during the last two years. “But this is rather due to incompetence of Georgian central bank that fails to provide the IMF with proper information and defend its positions,” she said. Nodar Khaduri, Minister of Finances, promised to make a breakthrough in Georgian economy through prudent and optimal monetary and fiscal policy implemented by both MOF and NBG in near future.
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