Page 27 - GEORptAug21

5.0 External Sector & Trade
5.1 Balance of payments, current account
Georgia - External Trade 2014 2015 2016 2017 2018 2019 2020* Jan-Jun 2021*
External trade turnover ($ mn)
11,463 9,505 9,459 10,802 12,741 13,318 11,396 6,209.7
Export (FOB) ($ mn)
2,861 2,205 2,117 2,746 3,380 3,798 3,343 1,884.7
Import (CIF) ($ mn)
8,602 7,304 7,342 8,057 9,362 9,519 8,053 4,325
Trade Balance ($ mn)
-5,741 -5,100 -5,225 -5,311 -5,982 -5,721 -4,709 -2,440
Export excluding re-export ($ mn) (Domestic export)
1,819 1,603 1,620 2,008 2,226 2,324 2,408 1,378
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 has sold foreign exchange reserves of $843mn in 25 auctions held since March.
The IMF statement said Georgia’s fiscal response to the COVID-19 pandemic helped reduce its economic and social impact, with the 2021 state budget further aiding the economic recovery.
27 GEORGIA Country Report August 2021 www.intellinews.com