The World Bank’s Board of Executive Directors approved today a EUR 45 million Economic Management and Competitiveness Development Policy Operation for Georgia. This operation aims to support Georgia’s ongoing reforms in areas critical for inclusive economic growth, and will also help the country’s efforts to mitigate the economic impact of the COVID-19 pandemic.
The overall goal is to support reforms that can lead to job creation, and greater economic inclusion and resilience. The focus is on: improving the efficiency of public resource use; enhancing competitiveness; promoting more competitive markets; diversifying the financial sector; improving teacher deployment and remuneration; and strengthening investment promotion.
“This operation reinforces the country’s commitment to maintaining a stable macro-fiscal framework and pursuing structural reforms,” says Sebastian Molineus, World Bank Regional Director for the South Caucasus. “Improved economic management and enhanced competitiveness will help strengthen Georgia’s economy, raise people’s living standards, and support a faster recovery in economic activity once the COVID-19 pandemic is over.”
The operation supports a reform program that is closely aligned with the Government of Georgia’s 2020 Socio-economic Development Strategy. It is also anchored in the World Bank’s Country Partnership Framework for Georgia for 2019-2022.