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.
Print
Other Stories
Tourist boom in Gudauri – majority of hotels are booked by foreigners
Gudauri is among the most popular winter resorts in Georgia.
Medical tourism increases in Georgia
In the last 9 months, Georgia was visited by 19 500 foreigners for medical and recovery purposes.
Doing business in Georgia has become easier than in America
According to the Doing Business 2019 report published by the World Bank, Georgia ranked 6th among 190 countries in terms of simplicity of doing business. This was an improvement over two ranks compared to last year.
Problems that foreigners frequently face in Georgia
The importance of Georgia as a tourism hub is growing year after year.
Tbilisi TV Broadcasting Tower – Better than the Eiffel Tower?
It is planned to renovate the Tbilisi TV Broadcasting Tower, one of the landmarks in the capital.
Georgian Fusion Menu by The Biltmore Hotel Tbilisi
5,895,914 international visitors have visited Georgia between January and August of 2018. Compared to the previous year the number has increased by 12.2 per cent.
Advertising of gambling and lucrative games may become banned in Georgia
Advertising of gambling and lucrative games may become banned in Georgia. Those who violate the new rule would be fined GEL 10 000.
Lebanese café-lounge Beirut opens in Tbilisi
What is necessary to organize an unforgettable event? – Fun, emotions, lots of surprises, good music and delicious menu.
Georgia second among the fastest growing tourist destinations in Europe
Georgia is among the fastest growing tourist destinations in Europe. The data is published by the UN World Tourism Organization.
Bitmain launches world digital mining summit in Tbilisi, Georgia
Bitmain CEO Jihan Wu and Roger Ver, CEO of Bitcoin.com Head Speaker List featuring Circle, DEX.top and Genesis Mining when Digital Mining Leaders Convene In Tbilisi on September 21-23
GAZELLE FINANCE GEORGIA AND TBC BANK HELP THE WESTERN REGIONAL CENTER OF MODERN MEDICAL TECHNOLOGIES EXPAND ACCESS TO QUALITY HEALTHCARE SERVICES IN KUTAISI, GEORGIA
TBC Bank and Gazelle Finance have teamed-up to support Medical City, a leading healthcare provider in the western region of Georgia to launch the Western Regional Center Of Modern Medical Technologies.
Equivalent to buried treasure – resources that are underused in Georgia
For 2018 the IMF Commission has forecast an annual economic growth for the Georgian economy of about 5,5%.
Does the quality of Georgian wine increase and how the export affects it
If we look at the data collected about modern Georgian wine, we will find out that the Georgian wines produced between 2015-2017 are much better in terms of their quality and Oenologic features rather than the wines produced between 2009-2011.
Japan simplifies the visa requirements for Georgian citizens
Diplomatic and economic relations between Georgia and Japan are now moving to a new phase. Recently Japan has decided to simplify the visa requirements for Georgian citizens.
M&S (Marks and Spencer) and H&M collections to be produced in Georgia
Garments manufacturer MGMTEX will start production of the M&S and H&M trendy collections from this September.
The World Digital Mining Summit to be held in Georgia
The summit is scheduled to take place between 21st-23rd September in the Hualing Hotel, Tbilisi, Georgia.
Galt and Taggart - Tourism Boom Continues in Georgia
Tourism has become one of the key drivers for the Georgian economy. Galt and Taggart has recently published research about the Georgian tourism sector in the first half of 2018.
"The worst dream for Putin is that Russians want to live in Georgia"
This year, visitors to the Adjara region would notice that there is a boom in construction in and around Batumi.
Underground gas storage facility to be built in Georgia
KfW, a German government-owned development bank signed a EUR 150 million promotional loan with the state-owned Georgian Oil and Gas Corporation (GOGC) for the construction of the first underground gas storage facility in Georgia.
New gambling rules for Georgia
Georgian lawmakers are preparing a new draft law relating to online-casinos and gambling that will seek to curb gambling addiction in Georgia.
How expensive is it to visit Georgia?
The Georgian Lari (GEL) is the official currency of Georgia and is the only legal means of payment in the entire territory of Georgia.
Trade with the EU and the Commonwealth of Independent States (CIS) has grown significantly
Trade with the EU and the CIS has grown by 26% and 33.5 % respectively, says GeoStat, the Georgian National Statistics Office.
The unemployment rate decreases in Georgia
The unemployment rate decreased in Georgia by 1,9% and amounted to 12.1% in the 2nd quarter of 2018 compared with the previous quarter,
Memorandum of Understanding to be signed between Georgia and Malaysia
According to the Georgian Ambassador to Malaysia Nikoloz Apkhazava, Georgia plans to sign a Memorandum of Understanding (MoU) with Malaysia.
“Blauenstein Georgia” due to expand in Georgia
“Blauenstein Georgia” is planning to open more shops in Georgia. It is an agriculture company that sells meat products, meat and convenience food.
PHOTO OF THE DAY
Exchange Rates
GEL Exchange Rate
Convertor
20.11.2018
21.11.2018
USD
1
USD
2.6593
2.6741
EUR
1
EUR
3.0369
3.0581
GBP
1
GBP
3.4199
3.4421
RUB
100
RUB
4.0356
4.0707
Other Stories
Recently Toyota rolled out Global Campaign under this slogan that reflects the Olympic and Paralympic Spirit of Encouragement,
A couple from Switzerland combines Swiss tradition and technology with Georgian products. Their cheese is made in the Georgian mountains and sold in local stores and hotels.
It has been more than five years since the residents of Lilo village, near Tbilisi, cannot open their windows.
63 000 GEL was received by the Georgian Agro Export Group which is just a small part of the European Neighbourhood Programme for Agricultural and Rural development.
Georgian entrepreneur Guka Tavberidze, who runs his own business in the UK and does it quite well, has been invited by BBC
The grand opening of 7-star The Biltmore Hotel Tbilisi took place in Georgia’s capital on July 31.
DUSHETI, Georgia – The Georgian government and the World Bank will allocate USD 5.6 million (12 million GEL) to fund
A new Georgian clothing brand named Person has emerged in Georgian market.
Georgia is in the midst of an economic maelstrom, Euronews reports.
Situation at Georgia’s mineral water market is interesting: over the last year, the volume of export has grown by 56 percent. According to “GeoStat”, over $114 million worth of mineral water was sold
GEL Exchange
USD
1
USD
2.6741
EUR
1
EUR
3.0581
GBP
1
GBP
3.4421
RUB
100
RUB
4.0707