Page 22 - GEORptFeb21

5.0​ External Sector & Trade
5.1​ Balance of payments, current account
Georgia - External Trade 2013 2014 2015 2016 2017 2018 2019 2020*
External trade turnover ($ mn)
10,933 11,463 9,505 9,459 10,802 12,741 13,315 11,347.7
Export (FOB) ($ mn)
2,910 2,861 2,205 2,117 2,746 3,380 3,798 3,342.1
Import (CIF) ($ mn)
8,023 8,602 7,304 7,342 8,057 9,362 9,517 8,005.6
Balance ($ mn)
-5,112 -5,741 -5,100 -5,225 -5,311 -5,982 -5,719 -4,663.4
Export excluding re-export ($ mn)
1,812 1,819 1,603 1,620 2,008 2,226 2,324 2,406.9
Current account BPM6 ($ mn)
-955.5 -1,784.2 -1,767.0 -1,885.8 -1,307.5 -1,192.7 -900.5 /
Current account to GDP (%)
-5.8% -10.7% -12.2% -12.9% -8.8% -7.7% -5.1% /
Source: Geostat
IMF disburses $114mn tranche to Georgia
The executive board of the International Monetary Fund (IMF) on December 16 completed the seventh review of Georgia’s economic reform programme supported by its Extended Fund Facility (EFF) and approved the disbursement of $114mn to help the country meet balance of payments needs stemming from the coronavirus (COVID-19) shock. The move brought disbursements under the EFF to $578mn.
IMF deputy managing director and chair Tao Zhang noted that the National Bank of Georgia (NBG) had managed to anchor inflation pressures via moderately tight monetary policy, while also protecting exchange rate flexibility. Georgia’s monetary stance and foreign-exchange interventions “may need to be sustained to prevent disorderly market conditions and bring inflation towards the 3% target,” Zhang said, adding that macroeconomic policy discipline and donor support should maintain foreign exchange reserves “at an adequate level.”
The central bank on December 9 decided to keep its key refinancing rate
22​ GEORGIA Country Report​ February 2021 ​ ​www.intellinews.com