On the Role of the International Monetary Fund in the Post-Communist Transformation of Georgia

Vladimer Papava

Emerging Markets Finance and Trade, 2003, vol. 39, issue 5, 5-26

Abstract: The paper analyzes the role of the International Monetary Fund (IMF) in the process of economic development of independent Georgia. Remarkable achievements have been accomplished in cooperation between post-Communist Georgia and the IMF. There were some errors too. Most of the latter should be attributed to the Georgian Government. The main achievements are creation of the legal framework of the country's financial system regulating market-based budgetary and monetary processes, successful implementation of the currency reform, liberalization of prices, and external trade. The main errors are political, methodical and methodological, resulting from confusion and a stereotyped approach, and tactical, resulting from the abuse of powers. At the same time, without financial and political assistance of the West, it will be practically impossible for Georgia to preserve its national independence. As a result, the IMF is a strategic partner of Georgia's, and it has to stay to remain so even after Georgia has overcome its current position of recipient country.

Keywords: Georgia; International Monetary Fund; post-Communist transformation (search for similar items in EconPapers)
Date: 2003
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