Georgia: Fourth Review Under the Stand-By Arrangement and Request for Modification of Performance Criterion

International Monetary Fund

No 2009/331, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses key findings of the Fourth Review Under the Stand-By Arrangement for Georgia. The strategy remains appropriate, and program targets for 2010 are in line with those presented at the Third Review. Fiscal policy will transition from an expansionary stance in 2009 to a path of strong consolidation, with a reduction in the deficit of 2¼ percent of GDP in 2010. Despite sizable adjustment, an external financing gap of roughly US$400 million remains in 2010, mostly because of the slow recovery of private capital inflows.

Keywords: ISCR; CR; inflation expectation; SDR; dollar; foreign exchange market pressure; liquidity squeeze; interest rate channel; foreign exchange market condition; bank Republic; U.S. dollar; Loans; Fiscal stance; Global (search for similar items in EconPapers)
Pages: 81
Date: 2009-12-23
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