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This report reviews Georgia's performance under the two IMF-supported programs, covering the period 1996–2003. It also discusses the key challenges that Georgia faces in realizing the goals of its recently finalized Economic Development and Poverty Reduction Program (EDPRP). Georgia has broadly maintained a liberal trade and payments system. The authorities have made substantial progress in implementing financial sector reforms.

Exports and Imports --- Macroeconomics --- Public Finance --- Industries: Energy --- Criminology --- Taxation, Subsidies, and Revenue: General --- Energy and the Macroeconomy --- Bureaucracy --- Administrative Processes in Public Organizations --- Corruption --- International Lending and Debt Problems --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Petroleum, oil & gas industries --- Corporate crime --- white-collar crime --- International economics --- Revenue administration --- Energy sector --- External debt --- Public financial management (PFM) --- Economic sectors --- Crime --- Revenue --- Energy industries --- Debts, External --- Finance, Public --- Georgia

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This paper examines Armenia’s 2004 Article IV Consultation, Sixth Review Under the Poverty Reduction and Growth Facility, and Request for Waiver of Performance Criteria. Armenia’s strong economic performance has been continuing in 2004. In January–September, the year-over-year rate of GDP growth was 10 percent, fueled by increases in agricultural production, housing construction, and services. Since mid-2003, banking sector performance has improved, and there has been a gradual return of confidence toward banks following the resolution of eight intervened banks.

Exports and Imports --- Money and Monetary Policy --- Public Finance --- Taxation --- Industries: Energy --- Social Services and Welfare --- Taxation, Subsidies, and Revenue: General --- National Government Expenditures and Related Policies: General --- International Lending and Debt Problems --- Energy and the Macroeconomy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Government Policy --- Provision and Effects of Welfare Program --- Public finance & taxation --- International economics --- Petroleum, oil & gas industries --- Monetary economics --- Social welfare & social services --- Revenue administration --- Expenditure --- External debt --- Energy sector --- Tax administration core functions --- Economic sectors --- Revenue --- Expenditures, Public --- Debts, External --- Energy industries --- Tax administration and procedure --- Armenia, Republic of

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The staff report for the Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility on Georgia focuses on economic developments and policies. The fiscal situation deteriorated sharply in 2003, especially because of a weakening in expenditure management and in tax enforcement. Policy discussions focused on strategies to address the challenges inherited from the previous administration and to reinvigorate the reform drive. Georgia’s vulnerability to exogenous shocks and lingering tensions between central and regional authorities will continue to pose downward risks.

Energy industries --- Fiscal policy --- Monetary policy --- Poverty --- Debts, External --- Debts, Foreign --- Debts, International --- External debts --- Foreign debts --- International debts --- Debt --- International finance --- Investments, Foreign --- Destitution --- Wealth --- Basic needs --- Begging --- Poor --- Subsistence economy --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Tax policy --- Taxation --- Finance, Public --- Industries --- Power resources --- Government policy --- Exports and Imports --- Money and Monetary Policy --- Public Finance --- Industries: Energy --- Social Services and Welfare --- International Lending and Debt Problems --- Taxation, Subsidies, and Revenue: General --- Government Policy --- Provision and Effects of Welfare Program --- Energy and the Macroeconomy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- International economics --- Public finance & taxation --- Social welfare & social services --- Petroleum, oil & gas industries --- Monetary economics --- Revenue administration --- External debt --- Arrears --- Energy sector --- Monetary base --- Poverty reduction strategy --- Economic sectors --- Revenue --- Georgia

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This paper examines Armenia’s Fifth Review Under the Poverty Reduction and Growth Facility (PRGF) and Request for Extension of the Arrangement. Performance under the PRGF-supported program since mid-2003 has been satisfactory: the authorities met all quantitative targets and implemented most of the envisaged structural measures. Tax revenue collection was somewhat disappointing in 2003, although it has improved in early 2004. Future growth in Armenia will increasingly depend on the ability of the banking system to mobilize and allocate domestic savings.

Fiscal policy --- Monetary policy --- Finance --- Funding --- Funds --- Economics --- Currency question --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Tax policy --- Taxation --- Finance, Public --- Government policy --- Armenia (Republic) --- Economic conditions --- Banks and Banking --- Exports and Imports --- Public Finance --- Industries: Energy --- Social Services and Welfare --- Budgeting --- Government Policy --- Provision and Effects of Welfare Program --- International Lending and Debt Problems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Taxation, Subsidies, and Revenue: General --- Energy and the Macroeconomy --- National Government Expenditures and Related Policies: General --- International economics --- Social welfare & social services --- Public finance & taxation --- Banking --- Petroleum, oil & gas industries --- Budgeting & financial management --- External debt --- Poverty reduction strategy --- Revenue administration --- Energy sector --- Expenditure --- Economic sectors --- Poverty --- Debts, External --- Banks and banking --- Revenue --- Energy industries --- Expenditures, Public --- Armenia, Republic of