Selim Cakir - Georgian gov't managed to mobilise funds from int'l organizations amid COVID-19 pandemic

16:50, 20.04.2020

A representative of the International Monetary Fund (IMF) in Georgia, Selim Cakir told Reuters that “IMF sees a recovery in Georgia’s economic growth in 2021, after a 4% contraction this year due to the coronavirus outbreak, and stands ready to help the ex-Soviet country raise $1.6 billion from donors to finance the balance of payments needs.”

Last week, Mercedes Vera-Martin, the Mission Chief for Georgia at IMF, said, the team recommended IMF to allocate $200 million for budget support to help the Georgian authorities meet urgent medical and socio-economic needs, to be disbursed with the completion of this review.

Cakir said, “another $215 million was expected to be disbursed in equal tranches in the fourth quarter of this year and in April 2021.”

In an interview with Reuters, “Cakir praised the Georgian government for taking measures aimed at softening the economic shock of the virus.” Among the introduced measures, Cakir named “a moratorium on collecting property and income taxes in the hospitality sector, easing bank lending regulations and increasing spending on infrastructure.”

Economics

COVID-19

International Monetary Fund

Selim Cakir