TY - BOOK ID - 80734820 TI - Georgia : Request for a Stand-by Arrangement. PY - 2014 SN - 9781498378901 1498378900 9781498382069 1498397662 1498306853 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - International Monetary Fund KW - Internationaal monetair fonds KW - International monetary fund KW - Georgia KW - State of Georgia KW - Peach State KW - Empire State of the South KW - جورجيا KW - Jūrjiyā KW - Cheorchia KW - Estato de Cheorchia KW - Jôrg·ie KW - Corciya KW - Джорджия KW - Dzhordzhii︠a︡ KW - Штат Джорджыя KW - Shtat Dz︠h︡ordz︠h︡yi︠a︡ KW - Джорджыя KW - Dz︠h︡ordz︠h︡yi︠a︡ KW - Georgie KW - Jóojah Hahoodzo KW - Τζόρτζια KW - Tzortzia KW - Πολιτεία της Τζόρτζια KW - Politeia tēs Tzortzia KW - Georgio (State) KW - État de Géorgie KW - Yn Çhorshey KW - Çhorshey KW - Xeorxia KW - Estado de Xeorxia KW - Khièu-tshṳ-â KW - Jorji KW - 조지아 주 KW - Chojia-ju KW - 조지아주 KW - Chojiaju KW - 조지아 KW - Chojia KW - Keokia KW - Jorjiạ KW - ג'ורג'יה KW - G'org'iyah KW - מדינת ג'ורג'יה KW - Medinat G'org'iyah KW - Jeorji KW - Djòdji KW - Džordžija KW - Џорџија KW - Жоржиа KW - Zhorzhia KW - Жоржиа Муж Улс KW - Zhorzhia Muzh Uls KW - ジョージア州 KW - Jōjia-shū KW - Jōjiashū KW - ジョージア KW - Jōjia KW - Delstaten Georgia KW - Jorjiya KW - Georgia suyu KW - Джорджія KW - Штат Джорджія KW - Shtat Dz︠h︡ordz︠h︡ii︠a︡ KW - Giorgiye Shitati KW - דזשארדזיע KW - דזשארדזשיע KW - Ìpínlẹ̀ `Georgia KW - Džuordžėjė KW - 喬治亞州 KW - Qiaozhiya Zhou KW - 喬治亞 KW - Qiaozhiya KW - US-GA KW - GA KW - Economic conditions. KW - Economic policy. KW - E-books KW - Finance KW - Funding KW - Funds KW - Economics KW - Currency question KW - Georgia (Republic) KW - Republic of Georgia KW - Sakʻartʻvelo (Republic) KW - Sakʻartʻvelos Respublika KW - Gruzyah (Republic) KW - Cheorchia (Republic) KW - Xorxa (Republic) KW - Jorjia (Republic) KW - Gürcüstan (Republic) KW - Gruzie (Republic) KW - Gruzínská republika KW - Georgien (Republic) KW - República de Georgia KW - Kartvelio (Republic) KW - Gruzio (Republic) KW - Gruusia (Republic) KW - Georgian tasavalta KW - Lýðveldið Georgia KW - Géorgie (Republic) KW - Geörgje (Republic) KW - An tSeoirsia KW - tSeoirsia (Republic) KW - Xeorxia (Republic) KW - Republik Georgia KW - Gruzija (Republic) KW - Grúzia (Republic) KW - Pow Grousi KW - Gruzijas Republika KW - Gruzja (Republic) KW - Giorgia (Republic) KW - Gruzínsko (Republic) KW - Republika Gruzija KW - Đurđija (Republic) KW - Gürcistan (Republic) KW - Georgän (Republic) KW - Gjeorgjia (Republic) KW - Грузия (Republic) KW - Gruzii︠a︡ (Republic) KW - Грузија (Republic) KW - Грузія (Republic) KW - Hruzii︠a︡ (Republic) KW - Республіка Грузія KW - Respublika Hruzii︠a︡ KW - Γεωργία (Republic) KW - Gu̇rzhīstan (Republic) KW - Georgija (Republic) KW - Georgian S.S.R. KW - Economic conditions KW - Politics and government. KW - Banks and Banking KW - Exports and Imports KW - Foreign Exchange KW - Public Finance KW - Industries: Financial Services KW - Macroeconomics KW - Debt KW - Debt Management KW - Sovereign Debt KW - International Lending and Debt Problems KW - Current Account Adjustment KW - Short-term Capital Movements KW - Banks KW - Depository Institutions KW - Micro Finance Institutions KW - Mortgages KW - International economics KW - Public finance & taxation KW - Banking KW - Currency KW - Foreign exchange KW - Public debt KW - External debt KW - Current account deficits KW - Loans KW - International reserves KW - Balance of payments KW - Financial institutions KW - Central banks KW - Debts, Public KW - Debts, External UR - https://www.unicat.be/uniCat?func=search&query=sysid:80734820 AB - 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. ER -