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Meeting with the representatives of International Financial Organizations

31 Oct '16

On October 27, BAG organized a meeting with the leaders of International Financial Institutions. The meeting was attended by Bruno Balvanera, Regional Director  of European Bank for Reconstruction and Development, Francois Painchaud, IMF Resident Representative in Georgia and by Genevieve Boyreau, Lead Economist  of World Bank.

The guests shared with the representatives of member companies of BAG how the international society evaluates Georgian economy, the past period and the future prospects of the country.

As we know the political and economic situation remains difficult in the region and in the world and it is more interesting what positions Georgia have on regional and world map.  As guests declared, despite challenges, Georgia can increase economy by 5 %, the country also remains vulnerable to the shocks.

Discussing challenges, all three of the Financial Institutions agreed that for the country's further development the structural reforms are necessary in education and innovation fields. However, working on creating and improving infrastructure should not be lowered. The challenge is, as well, maintenance of healthy fiscal-monetary policy.

Representatives of member companies of Business Association of Georgia mentioned at the meeting that one of the most important obstacles for business is unregulated justice system and that must be the first priority reform. At the meeting there was also underlined the need for the regulation of insolvency legislation – its improvement is critically necessary to improve the business environment.