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WB: Georgia ranks 24th in world in terms of remittances

Finance Materials 3 June 2020 13:12 (UTC +04:00)
WB: Georgia ranks 24th in world in terms of remittances

BAKU, Azerbaijan, June 3

By Tamilla Mammadova – Trend:

According to the World Bank (WB), 11.6 percent of the Georgian economy is made up of funds sent by Georgians working abroad, Trend reports via Georgian media.

Meanwhile, the International Monetary Fund (IMF) predicts a 15-percent reduction in remittances to the country. This means a decrease in remittances by $260 million.

As reported, in the first four months of 2020, transfers to Georgia amounted $467.9 million, which is 10 percent less than in the same period last year. The sharpest drop occurred in April when remittances decreased by 42.3 percent year-on-year.

"Georgia ranks 24th in the world in terms of remittances," said WB.

According to an updated forecast, the International Monetary Fund predicts a decrease in foreign currency inflows to Georgia by $1.8 billion in 2020. The balance of payments deficit will increase by 11 percent of GDP due to the crisis.

IMF said that Georgia will balance this imbalance with funds raised from donor organizations.

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