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WB supports Georgia’s ongoing reforms in economic areas

Business Materials 27 March 2020 11:31
WB supports Georgia’s ongoing reforms in economic areas

BAKU, Azerbaijan, March 27

By Tamilla Mammadova – Trend:

The World Bank's (WB) Board of Executive Directors approved a 45 million euro Economic Management and Competitiveness Development Policy Operation for Georgia, Trend reports via the World Bank.

As reported, this operation aims to support Georgia’s ongoing reforms in areas critical for inclusive economic growth, and will also help the country’s efforts to mitigate the economic impact of the COVID-19 pandemic.

According to the WB, the overall goal is to support reforms that can lead to job creation, and greater economic inclusion and resilience.

The project includes improving the efficiency of public resource use; enhancing competitiveness; promoting more competitive markets; diversifying the financial sector; improving teacher deployment and remuneration and strengthening investment promotion.

As reported, the operation supports a reform program that is closely aligned with the government of Georgia’s 2020 Socio-economic Development Strategy. It is also anchored in the World Bank’s Country Partnership Framework for Georgia for 2019-2022.

"This operation reinforces the country’s commitment to maintaining a stable macro-fiscal framework and pursuing structural reforms,” says Sebastian Molineus, World Bank Regional Director for the South Caucasus.

He noted that improved economic management and enhanced competitiveness will help strengthen Georgia’s economy, raise people’s living standards, and support a faster recovery in economic activity once the COVID-19 pandemic is over.

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