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International Monetary Fund: Georgian economy runs risks of collapse2009-03-30 10:28
According to the statement of the IMF, Georgian economy faces a significant risk of collapse. The statement authors recommend Georgian authorities to be ready for adaptation of economic policy - Interfax.gt-en-newsitem-inside
"The combined shocks to the current and capital accounts are likely to be larger and more prolonged than originally expected, increasing the external adjustment challenge and diminishing near-term growth prospects," the Tbilisi office of the IMF stated.
"Directors supported the authorities' plans to contain the economic slowdown through a donor-financed fiscal stimulus and a reorientation of expenditures. The authorities have reduced the targeted 2009 fiscal deficit in line with a downward revision in expected official external financing, and have switched expenditure from imported defense goods toward essential productivity-enhancing infrastructure investment and better targeted social spending. Directors welcomed the planned expenditure management reforms," the statement claimed.