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Georgia (Republic) --- Emigration and immigration --- Social aspects. --- Government policy. --- Republic of Georgia --- Sakʻartʻvelo (Republic) --- Sakʻartʻvelos Respublika --- Gruzyah (Republic) --- Cheorchia (Republic) --- Xorxa (Republic) --- Jorjia (Republic) --- Gürcüstan (Republic) --- Gruzie (Republic) --- Gruzínská republika --- Georgien (Republic) --- República de Georgia --- Kartvelio (Republic) --- Gruzio (Republic) --- Gruusia (Republic) --- Georgian tasavalta --- Lýðveldið Georgia --- Géorgie (Republic) --- Geörgje (Republic) --- An tSeoirsia --- tSeoirsia (Republic) --- Xeorxia (Republic) --- Republik Georgia --- Gruzija (Republic) --- Grúzia (Republic) --- Pow Grousi --- Gruzijas Republika --- Gruzja (Republic) --- Giorgia (Republic) --- Gruzínsko (Republic) --- Republika Gruzija --- Đurđija (Republic) --- Gürcistan (Republic) --- Georgän (Republic) --- Gjeorgjia (Republic) --- Грузия (Republic) --- Gruzii︠a︡ (Republic) --- Грузија (Republic) --- Грузія (Republic) --- Hruzii︠a︡ (Republic) --- Республіка Грузія --- Respublika Hruzii︠a︡ --- Γεωργία (Republic) --- Gu̇rzhīstan (Republic) --- Georgija (Republic) --- Georgian S.S.R.

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Law --- Law. --- Georgia (Republic) --- Acts, Legislative --- Enactments, Legislative --- Laws (Statutes) --- Legislative acts --- Legislative enactments --- Jurisprudence --- Legislation --- Regions --- An tSeoirsia --- Cheorchia (Republic) --- Đurđija (Republic) --- Georgän (Republic) --- Georgian tasavalta --- Géorgie (Republic) --- Georgien (Republic) --- Georgija (Republic) --- Geörgje (Republic) --- Giorgia (Republic) --- Gjeorgjia (Republic) --- Gruusia (Republic) --- Grúzia (Republic) --- Gruzie (Republic) --- Gruzii͡a (Republic) --- Gruzija (Republic) --- Gruzijas Republika --- Gruzínská republika --- Gruzínsko (Republic) --- Gruzio (Republic) --- Gruzja (Republic) --- Gruzyah (Republic) --- Gürcistan (Republic) --- Gürcüstan (Republic) --- Gu̇rzhīstan (Republic) --- Hruzii͡a (Republic) --- Jorjia (Republic) --- Kartvelio (Republic) --- Lýðveldið Georgia --- Pow Grousi --- Republic of Georgia --- República de Georgia --- Republik Georgia --- Republika Gruzija --- Respublika Hruzii͡ --- Sakʻartʻvelo (Republic) --- Sakʻartʻvelos Respublika --- tSeoirsia (Republic) --- Xeorxia (Republic) --- Xorxa (Republic)

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Georgia. --- Georgia --- History --- State of Georgia --- Peach State --- Empire State of the South --- جورجيا --- Jūrjiyā --- Cheorchia --- Estato de Cheorchia --- Jôrg·ie --- Corciya --- Джорджия --- Dzhordzhii︠a︡ --- Штат Джорджыя --- Shtat Dz︠h︡ordz︠h︡yi︠a︡ --- Джорджыя --- Dz︠h︡ordz︠h︡yi︠a︡ --- Georgie --- Jóojah Hahoodzo --- Τζόρτζια --- Tzortzia --- Πολιτεία της Τζόρτζια --- Politeia tēs Tzortzia --- Georgio (State) --- État de Géorgie --- Yn Çhorshey --- Çhorshey --- Xeorxia --- Estado de Xeorxia --- Khièu-tshṳ-â --- Jorji --- 조지아 주 --- Chojia-ju --- 조지아주 --- Chojiaju --- 조지아 --- Chojia --- Keokia --- Jorjiạ --- ג'ורג'יה --- G'org'iyah --- מדינת ג'ורג'יה --- Medinat G'org'iyah --- Jeorji --- Djòdji --- Džordžija --- Џорџија --- Жоржиа --- Zhorzhia --- Жоржиа Муж Улс --- Zhorzhia Muzh Uls --- ジョージア州 --- Jōjia-shū --- Jōjiashū --- ジョージア --- Jōjia --- Delstaten Georgia --- Jorjiya --- Georgia suyu --- Джорджія --- Штат Джорджія --- Shtat Dz︠h︡ordz︠h︡ii︠a︡ --- Giorgiye Shitati --- דזשארדזיע --- דזשארדזשיע --- Ìpínlẹ̀ `Georgia --- Džuordžėjė --- 喬治亞州 --- Qiaozhiya Zhou --- 喬治亞 --- Qiaozhiya --- US-GA --- GA

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KEY ISSUES Context. Georgia’s previous Fund-supported program, which expired in April 2014, met most of its objectives, in particular by reducing Georgia’s external and fiscal imbalances. The program also helped preserve the central bank’s independence after the 2012–13 political transition and strengthened its inflation-targeting framework. However, over time it proved increasingly difficult to reconcile the program’s fiscal objectives with the new government’s policies of increasing social spending, especially after the economy slowed and revenues fell short in 2013. Also, despite the progress achieved under the program, macroeconomic challenges remain. The current account deficit and external debt are high, leaving the economy susceptible to shocks. Strong and inclusive growth is needed to reduce widespread poverty and high unemployment. More recently, the external outlook has worsened, opening up a balance of payments need in 2014. Program and its objectives. To address these challenges, the authorities request a new three-year SDR 100 million (67 percent of quota) Stand-by Arrangement to address an external financing need in 2014 related in part to the realignment of fiscal policies to more social spending. The program will facilitate Georgia’s external adjustment, reduce key macroeconomic vulnerabilities, rebuild policy buffers, and support growth. Program policies. In 2014, the program balances supporting domestic demand with the need to safeguard external stability. To reduce the output gap, fiscal policy provides a measured stimulus, while monetary policy remains accommodative. However, the authorities will tighten policies and allow the exchange rate to adjust if balance of payments pressures were to intensify. From 2015, the fiscal deficit will be reduced to keep public debt low and to create space for countercyclical policies. This consolidation will rely on raising revenue by broadening the tax base and containing current expenditure, while protecting pro-poor spending and public investment. Monetary policy will aim at price stability through improved inflation targeting. The program will seek to rebuild international reserves while encouraging greater exchange rate flexibility. Strengthening of the financial sector will continue, helped by the recommendations of the recent FSAP mission. The program also aims to contain risks from quasi-fiscal activities and support improvements in tax administration, and will complement the authorities’ reforms to strengthen the business environment, improve education and training, create jobs and reduce poverty and inequality.

International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Georgia --- State of Georgia --- Peach State --- Empire State of the South --- جورجيا --- Jūrjiyā --- Cheorchia --- Estato de Cheorchia --- Jôrg·ie --- Corciya --- Джорджия --- Dzhordzhii︠a︡ --- Штат Джорджыя --- Shtat Dz︠h︡ordz︠h︡yi︠a︡ --- Джорджыя --- Dz︠h︡ordz︠h︡yi︠a︡ --- Georgie --- Jóojah Hahoodzo --- Τζόρτζια --- Tzortzia --- Πολιτεία της Τζόρτζια --- Politeia tēs Tzortzia --- Georgio (State) --- État de Géorgie --- Yn Çhorshey --- Çhorshey --- Xeorxia --- Estado de Xeorxia --- Khièu-tshṳ-â --- Jorji --- 조지아 주 --- Chojia-ju --- 조지아주 --- Chojiaju --- 조지아 --- Chojia --- Keokia --- Jorjiạ --- ג'ורג'יה --- G'org'iyah --- מדינת ג'ורג'יה --- Medinat G'org'iyah --- Jeorji --- Djòdji --- Džordžija --- Џорџија --- Жоржиа --- Zhorzhia --- Жоржиа Муж Улс --- Zhorzhia Muzh Uls --- ジョージア州 --- Jōjia-shū --- Jōjiashū --- ジョージア --- Jōjia --- Delstaten Georgia --- Jorjiya --- Georgia suyu --- Джорджія --- Штат Джорджія --- Shtat Dz︠h︡ordz︠h︡ii︠a︡ --- Giorgiye Shitati --- דזשארדזיע --- דזשארדזשיע --- Ìpínlẹ̀ `Georgia --- Džuordžėjė --- 喬治亞州 --- Qiaozhiya Zhou --- 喬治亞 --- Qiaozhiya --- US-GA --- GA --- Economic conditions. --- Economic policy. --- E-books --- Finance --- Funding --- Funds --- Economics --- Currency question --- Georgia (Republic) --- Republic of Georgia --- Sakʻartʻvelo (Republic) --- Sakʻartʻvelos Respublika --- Gruzyah (Republic) --- Cheorchia (Republic) --- Xorxa (Republic) --- Jorjia (Republic) --- Gürcüstan (Republic) --- Gruzie (Republic) --- Gruzínská republika --- Georgien (Republic) --- República de Georgia --- Kartvelio (Republic) --- Gruzio (Republic) --- Gruusia (Republic) --- Georgian tasavalta --- Lýðveldið Georgia --- Géorgie (Republic) --- Geörgje (Republic) --- An tSeoirsia --- tSeoirsia (Republic) --- Xeorxia (Republic) --- Republik Georgia --- Gruzija (Republic) --- Grúzia (Republic) --- Pow Grousi --- Gruzijas Republika --- Gruzja (Republic) --- Giorgia (Republic) --- Gruzínsko (Republic) --- Republika Gruzija --- Đurđija (Republic) --- Gürcistan (Republic) --- Georgän (Republic) --- Gjeorgjia (Republic) --- Грузия (Republic) --- Gruzii︠a︡ (Republic) --- Грузија (Republic) --- Грузія (Republic) --- Hruzii︠a︡ (Republic) --- Республіка Грузія --- Respublika Hruzii︠a︡ --- Γεωργία (Republic) --- Gu̇rzhīstan (Republic) --- Georgija (Republic) --- Georgian S.S.R. --- Economic conditions --- Politics and government. --- Banks and Banking --- Exports and Imports --- Foreign Exchange --- Public Finance --- Industries: Financial Services --- Macroeconomics --- Debt --- Debt Management --- Sovereign Debt --- International Lending and Debt Problems --- Current Account Adjustment --- Short-term Capital Movements --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- International economics --- Public finance & taxation --- Banking --- Currency --- Foreign exchange --- Public debt --- External debt --- Current account deficits --- Loans --- International reserves --- Balance of payments --- Financial institutions --- Central banks --- Debts, Public --- Debts, External

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Law reviews --- Law --- Law. --- Law reviews. --- Georgia. --- Reviews, Law --- Acts, Legislative --- Enactments, Legislative --- Laws (Statutes) --- Legislative acts --- Legislative enactments --- Cheorchia --- Chojia --- Chojia-ju --- Chojiaju --- Çhorshey --- Corciya --- Delstaten Georgia --- Djòdji --- Dzhordzhii︠a︡ --- Dz︠h︡ordz︠h︡yi︠a︡ --- Džordžija --- Džuordžėjė --- Empire State of the South --- Estado de Xeorxia --- Estato de Cheorchia --- État de Géorgie --- Georgia suyu --- Georgie --- Georgio --- Giorgiye Shitati --- G'org'iyah --- Ìpínlẹ̀ `Georgia --- Jeorji --- Jōjia --- Jōjia-shū --- Jōjiashū --- Jóojah Hahoodzo --- Jôrg·ie --- Jorji --- Jorjiạ --- Jorjiya --- Jūrjiyā --- Keokia --- Khièu-tshṳ-â --- Medinat G'org'iyah --- Peach State --- Politeia tēs Tzortzia --- Qiaozhiya --- Qiaozhiya Zhou --- Shtat Dz︠h︡ordz︠h︡ii︠a︡ --- Shtat Dz︠h︡ordz︠h︡yi︠a︡ --- State of Georgia --- Tzortzia --- US-GA --- Xeorxia --- Yn Çhorshey --- Zhorzhia --- Zhorzhia Muzh Uls --- Jurisprudence --- Legislation --- Regions --- Jōjiash --- Dzhordzhii͡ --- Dz͡hordz͡hyi͡ --- Džuordžėj --- Georgio (State) --- Jōjia-sh --- Jūrjiy --- Khièu-tshṳ --- -Medinat G'org'iyah --- Shtat Dz͡hordz͡hii͡ --- Shtat Dz͡hordz͡hyi͡ --- Droit --- United States of America. --- Public law. --- Georgia