BAKU, Azerbaijan, December 18
By Tamilla Mammadova – Trend:
The International Monetary Fund (IMF) has called on the National Bank of Georgia to limit the currency interventions, Trend reports with reference IMF.
Deputy Managing Director and Acting Chair of IMF Tao Zhang said that the interventions are only required in case of exceeded volatility or for filling reserves.
IMF also noted the pension scheme that is planned to be approved by the Georgian government.
“The new regulation should protect the pensioners’ incomes from inflation and maintain the flexibility of the budget,” Tao Zhang said.
According to the fund, the accumulative pension system will help Georgia attract investments.
IMF also pointed to the success of fiscal reforms in Georgia.
According to IMF, Georgia has undertaken major reforms to enhance the effectiveness of fiscal policy by strengthening fiscal institutions, reducing corruption, and improving the business climate. These reforms led to significant improvements in fiscal outcomes.
IMF noted that since 2003 Georgia has enacted significant reforms of the public sector and fiscal institutions.
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