The International Monetary Fund (IMF) expressed its support for the reforms implemented by the government of Georgia. The statement was given on 12 May during the fourth review of the “Advanced Financing Mechanism” program, where the representatives of the IMF met with Georgian state officials.

We had a very fruitful meeting with the minister of finance, Ivane Matchavariani. A discussion was held on the implementation of budget execution and investment programs. We also discussed future plans for the implementation of the education reform. Within the framework of the mission, we have meetings with various representatives of the government and the National Bank", said the head of the IMF delegation to Georgia, Mercedes Vera-Martin.

The delegation also met the prime minister of Georgia, Mamuka Bakhtadze on May 13. They discussed the economic situation in the country, the results of the 2019 budget implementation as well as the current and planned economic reforms in the country, including education reforms and human capital development. On the same day the IMF approved a loan package worth 40 million US dollars. The total payments to Georgia under the “Advanced Financing Mechanism” would reach 207.9 million US dollars in total.

The IMF is not the only international financial institution that publicly praised Georgia’s economic progress. On 3 May, Takehiko Nakao, the president of the Asian Development Bank (ADB) told reporters at a news conference held on the sidelines of the 52nd ADB Annual Meeting in Fiji that Georgia is moving ínto the right direction and that it could serve as an example for many other Asian countries.

“It is necessary to maintain macroeconomic stability, to invest in infrastructure projects, including road construction. It is important to develop energy, especially renewable energy. It is also important to make investments in education and tourism development, which is a significant source of income in Georgia. Ties with other countries and the logistics industry are also very important. The development of new technologies, the internet, education and the development of the Fintech industry is part of our strategy. I think Georgia is moving in the right direction and sustainably so- it could serve as an example for many Asian countries”, Nakao said.

According to the ADB, over $2.8 billion have been approved for Georgia’s development since 2007. This includes $1.4 billion from regular Ordinary Capital Resources (OCR), $902 million from concessional OCR, $455 million in non-sovereign lending and $17 million in technical assistance, trade and finance.