BLACK BD GEORGIA. Countr
|
|
- Arron Lloyd
- 5 years ago
- Views:
Transcription
1 BLACK SEA TRADE AND DEVELOPMENT BANK BD GEORGIA Countr ry Strategy THESSALONIKI APRIL,
2 GEORGIA COUNTRY STRATEGY TABLE OF CONTENTS TEXT: I. Summary of Recent Developments and Outlook II. III. Overview of Current BSTDB Portfolio Review of Country Strategy : Post Evaluation IV. BSTDB Operational Priorities for TABLES: Table 1: Basic Macroeconomic Indicators at a Glance Table 2: Active BSTDB Portfolio as at end December 2014 Table 3: Post Evaluation of Country Strategy 2
3 Table 1: Basic Macroeconomic Indicators at a Glance for GEORGIA Key Long Term Foreign Currency Sovereign Risk Rating at 31 March, 2015: Moody s: Ba3 S&P: BB Fitch: BB Proj Proj Population (Million) Avg Exch. Rate (Lari/ US$) Inflation (CPI Avg.) 8.5% 0.9% 0.5% 3.1% 3.0% 4.0% 4 Average monthly wages (US$) GDP (Lari million) 24, , , , , , GDP US$ million 14, , , , , GDP per capita (US$) 3, , , , , , Real GDP growth, % 7.2% 6.4% 3.3% 4.8% 2.0% 3.0% 9 Official Unemployment (end of period) % 15.1% 15.0% 14.6% 14.5% 16.7% 16.2% 10 Industrial Production Growth, % 17.5% 5.2% 8.4% 11 Agricultural Production Growth % 10.0% 4.7% 16.5% 12 Domestic Credit Growth % 18.2% 13.3% 18.5% 23.2% 11.5% 11.6% 13 Domestic Credit/ GDP 33.1% 34.7% 40.1% 45.4% 48.2% 50.2% 14 Foreign Direct Investment $US million , , FDI/ GDP 7.7% 3.5% 3.5% 7.7% 9.2% 8.6% 16 Consolidated Budget Balance/ GDP, % 4.5% 4.1% 2.6% 1.2% 3.4% 2.9% 17 Total External Debt US$ million Total External Debt/ GDP 80.1% 83.5% 81.7% 82.9% 111.1% 120.7% 19 Public External Debt/GDP 28.8% 27.6% 54.5% 26.8% 32.6% 32.3% 20 Private External Debt/ GDP 51.3% 55.9% 53.6% 56.1% 78.5% 88.4% 21 Exports $US million (Goods) 3, , , , , , Imports $US million (Goods) 6, , , , , , Trade Balance $US mn (Goods) 3, , , , , , Trade Balance/ GDP 23.6% 26.6% 21.7% 25.6% 32.2% 31.0% 25 Current Account Balance $US mn 1, , , , , Current Acct. Bal./ GDP 12.3% 11.7% 5.8% 9.8% 12.2% Forex Reserves (end period exc gold) US$ m 2, , , , , ,613.3 Sources: National Bank of Georgia, IFS IMF March 2015, IMF Georgia: First Review Under the Stand By Arrangement, and Request Modification of a Performance Criterion Staff Report, IMF Country Report No. 15/17 January 2015, EIU Country Report Georgia 1 st Quarter
4 GEORGIA COUNTRY STRATEGY I. Summary of Recent Developments and Outlook Georgia's economy has outperformed the rest of the Black Sea Region since In contrast to the slowing growth characteristic of much of the rest of the Region, real GDP growth in Georgia has averaged 5.6% per annum between , more than double the Region s 2.6% average for this period. Moreover, recent Georgian growth has been largely consistent, about 5% each year except for 2013, when it dipped to 3.3%. While this growth rate is broadly in line with Georgia s 20 year average from of 5.8%, the consistency of outturns has improved and the structure of growth has changed considerably. Growth between often varied considerably from year to year, with the country susceptible to external shocks, or driven by temporarily favorable factors (positive shocks, temporary terms of trade shifts etc.). Structurally, in 1995 Georgia was emerging from its first half decade of independence marked by geopolitical conflict and the challenge of transitioning from a centralized to a market oriented economy. GDP had declined by about 75% during this difficult period with the decline especially pronounced in the industrial sectors of the economy. As the economy picked up, and passed from the initial recovery to new areas of growth, a number of shifts took place. The most significant is the steady rise of the services sector, which has accounted for much of the economic growth and new employment creation in this period, while agriculture has declined. Within services, the most impressive growth has come from tourism, transport and communications, although financial services, public administration and social sectors (health and education) have all grown. Whereas services accounted for 47% of GDP in 1997, their share had risen to 67% in Construction is another area of growth, having nearly doubled its share of GDP formation to 5.8% in By contrast, after the initial decline industrial sectors have largely held steady; the share of manufacturing was at 10.7% in 1997, dipped close to 9% during the 2000s and more recently has risen back to 10.6%. Mining and energy production have remained steady at slightly below 4%. Agriculture, though still a relatively large contributor to GDP formation at 9.3% in 2013, has declined significantly from 29.2% in Since 2010, services have continued to drive GDP growth, albeit at a more moderate pace, with tourism, transport, financial services and real estate leading the way. It has been buttressed by industrial sector growth, which has picked up and played a more prominent role in recent years. Agriculture has ceased declining and has even been a modest contributor to growth while construction, which had boomed during the period of high growth, has grown at much reduced rates. On the demand side, private and government consumption drove GDP growth in the period, with investment an important but distant third and net exports negative, as a result of the large trade deficit. In the post financial crisis growth cycle from , private consumption has remained the main driver of growth, but investment has been a close second. Net exports have been a positive contributor as the trade and current account deficits have improved, while government consumption has had a negative contribution as the Government has pursued fiscal 1 Georgia: Seizing the Opportunity to Prosper, World Bank Country Economic Memorandum, December
5 consolidation. The large and positive contribution of investment is particularly notable, as it stands in contrast to the experience of much of the rest of the Black Sea Region, which has experienced weak investment growth, if not outright decline. It also accounts to a large degree for most of the 3% difference between Georgia s average GDP growth and that of the Black Sea Region. While challenges remain to improve the inclusivity of growth (especially in rural areas), reduce inequalities, and drive down stubbornly high unemployment, Georgia s growth has proven both sustainable and resilient to shocks. The one recent recessionary year, 2009, underscores these points. In the second half of 2008, Georgia suffered shocks from armed conflict and then the economic slowdown that ensued from the global financial crisis. The government responded by reaching agreement with the IMF on a Stand By Arrangement, and attracting additional external donor assistance. It was able to do so quickly as a result of the strong track record of institutional and structural reforms that it had undertaken and has continued to pursue. The recession proved brief and, with GDP contracting 3.7% in 2009, relatively limited compared to the Black Sea Region which suffered a 6.5% slump. By the second half of 2009 the economy had recovered and begun the five year cycle of healthy growth which has ensued. Georgia is broadly acknowledged as the Black Sea Region s top reformer over the last decade. It has carried out extensive large and small scale privatization, and it has adopted very liberal pricing, trade and exchange rate regimes which allow markets to operate and set prices. While further progress is possible in areas such as competition policy and corporate governance, both transparency and ease of doing business have greatly improved in Georgia. This is broadly acknowledged and can be seen in independent measures of business environment, such as the World Bank s annual Doing Business reports in which Georgia is a top reformer and in the 2015 report ranked 15th out of 189 countries. Georgia is favorably perceived as regards low corruption in Transparency International s Corruption Perceptions Index and scores well in other indices of political risk and economic freedom. The favorable perceptions are also evident in the relative success of Georgia in attracting foreign direct investment (FDI). FDI levels in the Black Sea Region have declined since the 2008 global crisis and have failed to recover to pre crisis levels. To some extent, the slowdown applies to Georgia, as it has attracted lower levels of FDI post crisis. However, at an average rate of 5.6% of GDP between , it has attracted nearly two and one half times more FDI than the Regional average. It has also sustained higher levels of private and public investment than other Regional economies have achieved, in recent years. The high growth and the systematic commitment to reforms have resulted in a broad range of healthy macroeconomic indicators. Inflation has been low for a number of years, and the government budget balance has been moderate and within spending targets. Public debt levels are also moderate and sustainable at around 33% of GDP. Moreover, much of the debt is long term and provided on concessional terms. It is thus highly affordable, although one risk factor is that around 80% of public debt is denominated in foreign currency, which renders it vulnerable to foreign exchange risk in the event of devaluation, the debt burden would rise. This does not represent an imminent concern for public debt, but private external debt has risen gradually but steadily over the years and at end 2014 stood at 56.1% of GDP, with short term external debt at around 15% of GDP. While the Lari has remained remarkably stable over the years against the dollar, it depreciated sharply, in the first part of The rise in the value of the US dollar in late 2014 and 5
6 the first part of 2015 triggered a sharp fall in the value of the Russian rouble, which in turn set off declines in other regional currencies. As Russia remains one of the key trade and investment partners for Georgia, and hosts a large Georgian expatriate community that sends remittances to Georgia, the value of the Lari was affected negatively and has raised concerns about a worsening private debt burden. The devaluation should, however, have favorable impact on one persisting area of concern: the current account deficit. It is caused mainly by a large and structural trade deficit which is above 20% of GDP per annum. FDI and high private investment rates are one contributing factor, since much of the spending goes to import machinery and other intermediate goods required to make the investment operational. Remittances are an even larger contributing factor. According to World Bank estimates, they reached 12.1% of GDP in 2013 and have played a key role in poverty mitigation, as they largely go to finance consumption, with a particularly important impact in poor and higher unemployment areas of the country which export labor. The emigrant workers are the principal, and often the sole, providers for the rest of the family that remains behind. However, the current account also highlights ongoing competitiveness challenges which Georgia faces. Low private savings and weak export competitiveness are key underlying sources of the current account deficit. This deficit creates dependence on continued external financing in order to cover the deficit, which in turn increases vulnerability to external shocks. It also undermines confidence in the Lari and renders difficult efforts to reduce the high degree of dollarization of the Georgian financial system. The Government hopes to improve the current account by enhancing fiscal consolidation, maintaining full exchange rate flexibility, continuing reforms to improve the business environment and competitiveness, and above all, creating conditions for the further expansion of exports, including the recently signed Association Agreement with the EU which should improve and expand market access for Georgian products. Increasing domestic savings would also help in this respect, and reforms are planned to help foster the financial sector. The financial sector in Georgia is relatively small, with domestic credit at around 45% of GDP. It is well regulated with good capital adequacy and low levels of nonperforming loan levels. However, around 60% of loans are provided in foreign exchange, thus exposing banks to currency risks. Moreover, a number rely heavily on external sources of funding, making them vulnerable to international volatility as well as currency fluctuations. In response, policies are needed that encourage savings and develop attractive local currency financial instruments. This includes the development of a wider range of financial instruments for longer term saving and pension reform to help support capital market development. The Government is also considering the introduction of deposit insurance, as a way to boost confidence in the financial system further. Supporting growth of the domestic financial sector prudently is necessarily a slow process that will take time, particularly since it involves improving perceptions and increasing confidence, but it would confer considerable benefits in terms of more stable and sustainable growth, and would also help further reduce dollarization of the economy. With Regional uncertainties remaining high, Georgia is likely to experience lower rates of GDP growth over the next two years than the 5.6% it has averaged over the last five. In late 2014 and early 2015, the economy was hit by the Russia Ukraine crisis, the deepening recession in Russia and loss of competitiveness from devaluations in key trading partners (e.g. Russia, Turkey, Ukraine). This has resulted in declines in exports and remittances. The decline of oil prices is a positive occurrence that will to some extent mitigate the negative shocks, and will help to contain some of 6
7 the increased price pressures from the devaluation of the Lari, but overall expectations for growth in 2015 and 2016 are diminished. Even the revised estimates of 3 3.5% may prove optimistic, as the key unknowns are more heavily weighted towards downside risks than upside events. Georgia s Deep and Comprehensive Free Trade Area (DCFTA) agreement with the European Union, the implementation of which began in 2014, should improve market access for exports and increase inflows of FDI and other financing, but these benefits will take time to unfold and to lead to higher incomes and increased employment. II. Overview of Current BSTDB Portfolio As at 31 December, 2014, the active BSTDB portfolio in Georgia amounted to ten operations approved by the Board of Directors (BoD), involving an investment of 61.7 million. Out of this total, nine operations were signed for 51.8 million and the outstanding disbursements were at 12.1 million. Georgia ranks ninth in the BSTDB portfolio, with 4.1% of BoD approved operations and 3.9% of signed operations. In terms of disbursed amounts outstanding in the total portfolio, Georgia ranks eleventh in the BSTDB portfolio with 1.3%. Relative to the Bank s active portfolio at the end of 2010, Board approvals increased by 217.6%, signings by 16.6%, and amounts outstanding decreased by 18.9% (The Batumi URP is a guarantee like instrument that does not disburse). Table 2: Active BSTDB Portfolio in Georgia as at end December 2014 in Georgia All Figures in Euros Million TBC Bank (Trade Finance)* BoD Approval Date Approved Amount Signed Amount Amount Oustanding 15 Nov 02/ 15 Apr 06/ 29 Apr VTB Bank Georgia (former United 4 Jun Cartu Bank* 6 27 Jul 07/ 25 Feb Equity to ADM CEECAT Recovery 21 Jul Batumi (Unfunded Risk Participation) 21 Jul SEAF Caucasus Growth Fund Equity 2 Dec Basis Bank (TF)* 10 Feb 12/ 20 Sep 13/ 28 Nov KOR Standard (TF)* 10 Feb TBC Leasing SME III* 19 Sep FINCA Bank Georgia (MSME)* 28 Nov Total * Financing for Operation provided in USD III. Review of Country Strategy : Post Evaluation The current evaluation was performed by the Bank s Evaluation Office as per the respective Evaluation Policy. It reveals the performance of the Bank s Country Strategy for Georgia. Its goal is to provide accountability to the Board of Directors and Board of Governors as well as facilitate the decision making by the Bank s Management and Boards on the eventual update of the country strategies. 7
8 The evaluation of the respective country strategy compares the stated 2014 targets with actual results as of end of 2014, and provides a country oriented overview and evaluation rating. The Country Strategy was approved by the Board of Directors in early 2011, reflecting an in depth independent evaluation of the implementation of the BSTDB s earlier strategies, conducted by the Evaluation Office. It was aligned with the objectives of the Bank s Business Plan and was therefore evaluated in that context. The implementation of the Country Strategy did not fulfill either the targeted volumes or the intended sector coverage. The respective targets were reached at 86% only, despite the priority to increase investments in small shareholder countries. The Bank covered its priorities/sectors to some extent, as several priority sectors remained underinvested, e.g. energy and infrastructure, as well as manufacturing. Consequently, the evaluation rated the performance as Partly Unsatisfactory. A more comprehensive overview is presented in the table below. Table 3: Post Evaluation of Country Strategy for Georgia TARGETS RESULTS Country Strategy Sectors/Priorities Target operations: approved/ signed ( million) Actual operations: approved/ signed ( million) Evaluation Summary Georgia 1. Financial sector intermediaries, SME, Trade Finance, leasing. 2. Energy/ Infrastructure: energy (efficiency and renewable), transport, municipal, telecom, warehouses. 3. Manufacturing: minerals/mining, food processing and agribusiness, construction. 4. Increase operational activity in smaller shareholder countries 51/44 44/38 Approved volume: 86% Signed volume: 86% 2. Sector coverage: 2.1.Equity CEECAT Fund (SME) 2.2. Batumi (unfunded risk, utility) 2.3. Basis Bank (Trade Finance) 2.4. SEAF Fund Equity (SME) 2.5. KOR Standard (Trade Finance) 2.6. TBC Leasing (SME) 2.7. FINCA Bank Georgia (MSME) The Bank partially covered its priorities/sectors, as it concentrated in financial sector. 2. Performance Rating: Partly Unsatisfactory Targets covered at 86%, with a rather modest sector coverage, mostly concentrated in financial sector. 8
9 IV. BSTDB Operational Priorities for The Bank s role and priorities are defined (i) in accordance with the priorities and targets laid out in its Medium term Strategy and Business Plan and (ii) country needs and objectives, as well as (iii) available resources, strategies and policies of BSTDB. In this respect, BSTDB will seek viable opportunities and will continue closely monitoring the developments in the Georgian economy in order to stand prepared to support bankable projects. In addition the Bank shall seek co financing opportunities with IFIs, public sector institutions and private partners. BSTDB will focus in the next four years on providing support for the implementation of the Government program and priorities, while responding to market demand. The Bank will consider undertaking activities and providing services as may advance its purpose, paying special attention to activities promoting export of goods and services, and development of infrastructure, including energy efficiency. In addition, through selected intermediaries, the Bank would attempt to expand its financing programs in favor of SMEs and trade finance. In order to support the development of the domestic financial sector, the Bank would, where merited by strategic considerations and operational opportunities, consider provision of local currency financing, provided that the Bank can fund itself in that currency and/ or hedge itself to minimize the currency risk. Based on the BSTDB Business Plan, the Bank would expect on average to sign one new operation each year, for approximately 9 14 million. Over the four year period, this would amount to four to five new commitments (signed operations) for approximately 46 million (a range of million). These indicative targets are based on the Base Case Scenario of the MTSBP, and given appropriate circumstances and sufficient operational opportunities the Bank would make efforts to exceed this level. In case of higher regional economic growth rates, increased demand for Bank funding, and an improved situation in financial markets, a phased increase in the average number and size of operations would allow the Bank to move towards achieving the targets envisaged under the High Case Scenario. Moreover, at the Mid Term Review, depending upon performance and prospects, the above targets may be revised upwards 2. In line with the Bank s strategy to increase operational activity in smaller shareholder countries, the Bank will insist that all operations meet criteria of sound banking principles on the one hand, and financial viability/ economic sustainability on the other hand. Within these parameters, the Bank will explore the possibility of taking on additional risk or risks in order to facilitate the undertaking of additional operations. The greater reward that justifies the acceptance of more risk is that the Bank would participate in a larger number and volume of operations in smaller countries, and thus better fulfill its mandate to promote economic development, especially where needs are greatest. Areas for BSTDB Financing: Trade Finance and Financial Sector 2 Under no circumstances would targets be revised downwards unless the lower case scenario of the BSTDB MTSBP were to be followed. 9
10 Since BSTDB initiated its operations, the following products have been introduced through selected financial intermediaries in Georgia for the purpose of Trade Finance, Micro Finance, and small and medium enterprise (SME) development: Multiple Buyer Credit Facility Pre export finance Facility Combined Trade Finance (export/import) product Medium Term Micro and SME Finance product Leasing Facility for SMEs In addition, BSTDB has participated in two funds (SEAF Caucasus Growth Fund and ADM CEECAT Recovery Fund) in which Georgia was a recipient country. The Bank already works with a number of financial intermediaries in Georgia providing trade finance products and micro enterprise and SME medium term lending. Such activities will continue to represent a priority for the Bank, since the financial sector is rapidly developing, and the small size of most Georgian firms often renders conducting direct operations with these enterprises uneconomical (due to scale) or too difficult (due to informational difficulties and complexity of reaching out to small firms). The Bank remains committed to a pro active strategy of working with Georgian commercial banks and leasing companies as the needs of Georgian banks and SMEs evolve. The Bank will adapt in order to meet the changing needs as effectively as possible. For existing operations, the Bank is likely to increase the amount of existing trade finance facilities and to renew and/or increase Micro and SME loan facilities where performance is good and prospects are favorable. In addition, the Bank may make available longer term financing to fast growing micro enterprises and SMEs, particularly in promising sectors such as construction, small manufacturing, agriculture and food processing, energy, and tourism, but also activities elsewhere which meet bankability criteria. Financial sector support may also involve extending support to non bank financial entities, such as micro finance institutions, for on lending purposes. Where applicable, the Bank will dedicate specific portions of loan facilities for social lending targeted to women entrepreneurs under its Micro and SME loan facilities. The Bank will ensure that the borrower shall charge interest on sub loans at an aggregate rate which is sufficient to cover the borrower s administrative costs, hedging costs and cost of risk and to provide a return on capital employed that is adequate, as determined by the borrower. Within this framework, the Bank will continue working with leasing companies, which are underdeveloped in Georgia but which may grow rapidly as the market matures. The Bank intends to use the leasing product not only for financing capital expenditure of SMEs but also for other companies as an effective financing tool for the promotion of regional trade. Medium term credit lines opened to leasing companies for trade related purposes will enable them to offer their customers finance for capital expenditures on imports from other countries in the Black Sea region. Since SME development is a priority for the Government, the Bank will also seek other ways to support SMEs, and will be open to additional forms of cooperation with intermediaries, including involvement in investment funds or innovative special purpose structures. Financial viability remains an essential precondition, but the Bank will also seek to mobilize technical assistance 10
11 resources to facilitate innovation, creative structuring, and to help upgrade management practices and governance. The Bank will also consider the option to take equity participations in selected financial institutions and funds, and will also seek to develop quasi equity products, such as subordinated loans. The Bank will also keep in regular contact with complementary international financial institutions (IFIs) such as EBRD and IFC to seek ways to coordinate activities and share experiences, given the opportunities which exist for joint involvement. Manufacturing and Enterprise Sector Despite a challenging external environment, Georgian economy is expected to grow around 5% per annum in coming years. While the economy is vulnerable to external factors, continued growth will create improved business prospects for BSTDB in the coming four year period. The Bank will closely follow the activities of both foreign and local investors to identify new financing opportunities. The Bank also intends to work closely with local banks as a way to support private sector development. The Bank would finance economically viable and bankable projects, mainly in the sectors outlined below. Given the relatively smaller size of the economy, and investments in general, BSTDB would concentrate on small to medium scale projects in general industries. The Bank will support enhanced co operation and co ordination with foreign as well as local private sector investors, while closely co operating with other IFIs and bi lateral institutions. Georgia has a strong tradition in manufacturing, agriculture and agribusiness. With the successful efforts of the Georgian government to attract FDI by easing bureaucratic procedures, lowering taxation and reducing corruption, the business environment has improved in recent years. This in turn will allow the Bank to focus on new investments of both local and international companies that are investing in sectors in which Georgia has potential to grow rapidly. These are primarily (i) agribusiness including processed foodstuffs, wines, and mineral waters (ii) forestry products, (iii) light industry including textiles, consumer goods, and other manufactured productsand (iv) construction including construction materials which is one of the fastest growing areas of the economy. Other manufacturing areas of activity will also be considered, so long as the criteria of bankability and consistency with the Bank s mandate (supports economic development and, where possible, regional cooperation) are met. These other industrial areas include production of machine tools, shipbuilding, wood, glass and craft packaging, as well as metallurgical and chemical industries. Projects that are expected to bring new technologies and know how to the country, and those that have the potential for export or import substitution will be given priority. Given the importance of ferrous metals exports, the Bank will also consider opportunities in the mining and extraction sector, particularly where post privatization modernization of export oriented facilities is concerned. Transportation Georgia s geographical position makes it an important transport link between the Black and Caspian Seas and between Russia and Turkey. The current transport infrastructure needs maintenance and modernization. While there has been a continuous increase in passenger and freight traffic in recent years, maintenance and extension of the existing network has not kept up. Given the country s location, rehabilitation and extension of the transport network is critical for Georgia to benefit fully from its position as a transit economy. Thus, BSTDB will pay particular attention to the financing of projects that involve improvement of existing transportation networks, 11
12 including roads, railways and ports. The Bank will also focus on the improvement of customs passages by supporting private companies to build warehouses, logistics facilities, service centers and access roads. The Port of Poti has special importance as a general cargo and container terminal. The Bank will seek opportunities for financing of projects that improve the facilities at the Port of Poti. The possibility to finance construction of selected toll roads on a concession basis with foreign co investors, mainly between Georgia and Turkey, will also be explored. Georgia is planning to develop a framework for PPPs for the purpose of implementation of large scale transportation and infrastructure projects. BSTDB has good experience in financing projects under PPP schemes, and it will actively seek opportunities to be involved in such projects. Tourism and Real Estate The Country has a long tradition in tourism. It has numerous health resorts and has large tourism development potential, but at present there are only a few hotels meeting high international standards, and they are mostly located in Tbilisi and Batumi. As Georgia is keen to promote development of tourism, the Bank will seek opportunities in this sector which possesses high development impact (an additional source for earning foreign exchange and employment growth opportunities) and it often brings other positive externalities, including regional cooperation benefits either via the investors/ co financiers involved, or the tourism itself. This may involve greenfield tourist development projects such as hotels, resort facilities, and tourism dedicated infrastructure, or it may involve financing to privatized facilities which require modernization and expansion. There are various projects in the real estate development sector. The Bank will carefully select opportunities to become involved in the real estate sector, with the participation of foreign sponsors and experienced management. Support of retail business is also an area that the Bank will focus on. Energy and Infrastructure (E&I) Given existing E&I needs, so long as projects are bankable, the Bank will be offering its support. This applies to all key infrastructure sectors, including energy and electricity, oil and gas upstream, midstream and downstream, transport infrastructure, telecommunications, information technology and municipal and social infrastructure. The existence of an appropriate competitive environment and regulatory framework will be an important consideration in ascertaining bankability alongside development impact. Emphasis will continue to be on bankable private sector operations. In case of the consideration of financing at the privatization stage of any E&I objects, the presence of a strategic investor would be a key factor for the Bank, and the Bank s assistance would likely come in the form of post privatization financing to upgrade facilities and restructure. Other involvement in infrastructure operations will need to be via creative arrangements such as publicprivate partnerships. The Bank will continue to ensure that all BSTDB E&I operations in Georgia meet sound banking principles and comply with the Bank s Environmental Rules and Procedures and incorporate, where appropriate, Environmental and Social Action Plans. 12
13 The Bank will work in cooperation with EBRD, IFC, EIB, KWF, DEG, FMO, Proparco, other IFIs, commercial banks and ECAs in joint energy and infrastructure sector projects as an important source of the project co financing as well as the institutional knowledge transfer. BSTDB Energy and Infrastructure strategy in terms of banking instruments: Project Finance limited recourse transactions; Corporate recourse financing transactions; Exploration of financing in the form of Equity; Co financing of transactions with other IFIs commercial banks and ECAs; Participation in syndicated facilities for E&I deals in Georgia. Areas of particular focus in Energy and Infrastructure: Energy (conventional and renewable) generation, transmission, distribution and storage; Oil and gas (upstream, midstream and downstream operations including storage); Transportation of all kinds and transport infrastructure; Telecommunication and Information Technology; Municipal and Social infrastructure of all kinds. 13
BLACK BD Countr
BLACK SEA TRADE AND DEVELOPMENT BANK BD2015 066 BULGARIA Countr ry Strategy 2015 2018 THESSALONIKI June, 2015 BULGARIA COUNTRY STRATEGY TABLE OF CONTENTS TEXT: I. Summary of Recent Developments and Outlook
More informationBLACK BD Countr
BLACK SEA TRADE AND DEVELOPMENT BANK BD2015 065 AZERBAIJAN Countr ry Strategy 2015 2018 THESSALONIKI APRIL, 2015 AZERBAIJAN COUNTRY STRATEGY TABLE OF CONTENTS TEXT: I. Summary of Recent Developments and
More informationBLACK BD UKRAINE. Countr
BLACK SEA TRADE AND DEVELOPMENT BANK BD2015 072 UKRAINE Countr ry Strategy 2015 2018 THESSALONIKI JUNE, 2015 UKRAINE COUNTRY STRATEGY TABLE OF CONTENTS TEXT: I. Summary of Recent Developments and Outlook
More informationMinistry of Finance of Georgia. Georgia The Outlook. January 2018
Ministry of Finance of Georgia Georgia The Outlook January 2018 Axes of Georgia s Long-Term Growth Strategy The Government of Georgia s long-term strategy seeks sustained and inclusive growth that is based
More informationECONOMIC OUTLOOK. September, 2017 MINISTRY OF ECONOMY AND SUSTAINABLE DEVELOPMENT
ECONOMIC OUTLOOK September, 2017 MINISTRY OF ECONOMY AND SUSTAINABLE DEVELOPMENT CONTENTS GDP growth... 3 Potential Level of Economic Growth and GDP Gap... 3 Macroeconomic Environment in the Region...
More informationMANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion contains an analysis of our financial condition and results of operations for the nine months
More informationHONDURAS. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 HONDURAS 1. General trends Economic growth in Honduras picked up in 2015, reaching 3.6%, compared with 3.1% in 2014. This performance was mainly
More informationThe Black Sea Trade and Development Bank. BSTDB: Financing Economic Development of the Black Sea Region
The Black Sea Trade and Development Bank BSTDB: Financing Economic Development of the Black Sea Region Athens, February 18, 2011 BSTDB At A Glance Location Thessaloniki, Greece First Operation November
More informationThe Black Sea Trade and Development Bank. BSTDB: Financing Economic Development of the Black Sea Region
The Black Sea Trade and Development Bank BSTDB: Financing Economic Development of the Black Sea Region Ankara, March 7, 2011 BSTDB At A Glance Location Thessaloniki, Greece First Operation November 1999
More informationYEREVAN 2014 MACROECONOMIC OVERVIEW OF ARMENIA
YEREVAN 2014 MACROECONOMIC OVERVIEW OF ARMENIA MACROECONOMIC OVERVIEW In the early 1990s, a sharp boost of unemployment, reduction of real wages, shrinkage of tax-base, persistent cash shortages of GoA
More informationRecent Economic Developments
REPUBLIC OF INDONESIA Recent Economic Developments January, 2010 Published by Investors Relations Unit Republic of Indonesia Address Bank Indonesia International Directorate Investor Relations Unit Sjafruddin
More informationEconomic Projections for
Economic Projections for 2015-2017 Article published in the Quarterly Review 2015:3, pp. 86-91 7. ECONOMIC PROJECTIONS FOR 2015-2017 Outlook for the Maltese economy 1 The Bank s latest macroeconomic projections
More informationBLACK BD A GREECEE. Countr
BLACK SEA TRADE AND DEVELOPMENT BANK BD2015 067A GREECEE Countr ry Strategy 2015 2018 THESSALONIKI June, 2015 GREECE COUNTRY STRATEGY TABLE OF CONTENTS TEXT: I. Summary of Recent Developments and Outlook
More informationLatest economic developments in Greece and Challenges for the Trade Finance Market
Latest economic developments in Greece and Challenges for the Trade Finance Market Peter Sanfey Deputy Director, Country Economics and Policy, EBRD 15 September 216, Bank of Greece, Athens The Greek economy:
More informationOur Expertise. IFC blends investment with advice and resource mobilization to help the private sector advance development.
Our Expertise IFC blends investment with advice and resource mobilization to help the private sector advance development. Where We Work As the largest global development institution focused on the private
More informationEl Salvador. 1. General trends. 2. Economic policy. Most macroeconomic indicators for El Salvador worsened in Real GDP increased by
Economic Survey of Latin America and the Caribbean 2008-2009 173 El Salvador 1. General trends Most macroeconomic indicators for El Salvador worsened in 2008. Real GDP increased by 2.5%, two percentage
More informationPRESENTATION BY PROF. E. TUMUSIIME-MUTEBILE, GOVERNOR, BANK OF UGANDA, TO THE NRM RETREAT, KYANKWANZI, JANUARY
BANK OF UGANDA PRESENTATION BY PROF. E. TUMUSIIME-MUTEBILE, GOVERNOR, BANK OF UGANDA, TO THE NRM RETREAT, KYANKWANZI, JANUARY 19, 2012 MACROECONOMIC MANAGEMENT IN TURBULENT TIMES Introduction I want to
More informationExport Group Meeting on the Contribution and Effective Use of External Resources for Development, in Particular for Productive Capacity Building
Export Group Meeting on the Contribution and Effective Use of External Resources for Development, in Particular for Productive Capacity Building 22-24 February 21 Debt Sustainability and the Implications
More informationSME Monitor Q aldermore.co.uk
SME Monitor Q1 2014 aldermore.co.uk aldermore.co.uk Contents Executive summary UK economic overview SME inflation index one year review SME cost inflation trends SME business confidence SME credit conditions
More informationBahk Byongwon. Board Member, Korea API and Former Senior Economic Advisor to the President of Korea. Tokyo, Japan 11 May 2011
Bahk Byongwon Board Member, Korea API and Former Senior Economic Advisor to the President of Korea Tokyo, Japan 11 May 2011 Contents 1. European Bank for Reconstruction and Development (EBRD) 2. Black
More informationThe Black Sea Trade and Development Bank: Financing Urban Infrastructure
The Black Sea Trade and Development Bank: Financing Urban Infrastructure 15 th Conference of the Union of Central & South-Eastern European Capitals Athens, October 18, 2013 BSTDB SHAREHOLDERS AND COUNTRIES
More informationEx post evaluation Georgia
Ex post evaluation Georgia Sector: Formal sector financial intermediaries (24030) Programme/Project: Agricultural financing programme (fiduciary holding) (BMZ No. 2011 66 552)* Implementing agency: three
More informationGlobal Financial Crisis and Policy Response in Mauritius: Key Lessons
Global Financial Crisis and Policy Response in Mauritius: Key Lessons Presented by Sunil Benimadhu Chief Executive Stock Exchange of Mauritius The North-South Institute Sheraton Hotel Ottawa June 8-9,
More informationMALAYSIA Summary Exports grew by 6% in 2002 A broad based recovery gained momentum in 2002.
MALAYSIA Summary A broad-based economic recovery gained momentum in 2002, despite a more challenging external environment. Macroeconomic fundamentals have continued to strengthen. Financial and corporate
More informationCapital Flows and External Vulnerability Examining the Recent Trends in India
Capital Flows and External Vulnerability Examining the Recent Trends in India Prasenjit Bose After India s current account deficit (CAD) reached an all-time high of 4.2% of GDP in March 212, the Annual
More informationSpeech by Mr. Amando M. Tetangco, Jr. Governor, Bangko Sentral ng Pilipinas
Speech by Mr. Amando M. Tetangco, Jr. Governor, Bangko Sentral ng Pilipinas At the International symposium hosted by the Center for Monetary Cooperation in Asia (CeMCoA) of the on January 22, 2007 in Tokyo
More informationSTAFF REPORT FOR THE 2014 ARTICLE IV CONSULTATION AND SECOND REVIEW UNDER THE POLICY SUPPORT INSTRUMENT DEBT SUSTAINABILITY ANALYSIS
November 19, 214 RWANDA STAFF REPORT FOR THE 214 ARTICLE IV CONSULTATION AND SECOND REVIEW UNDER THE POLICY SUPPORT INSTRUMENT DEBT SUSTAINABILITY ANALYSIS Approved By Roger Nord and Dan Ghura (IMF) and
More informationAzerbaijan Country Partnership Strategy
Azerbaijan Country Partnership Strategy 2017-2018 Page 1 of 9 TABLE OF CONTENTS Page # I. Main Economic Indicators 3 II. Economic Overview and Outlook 4 Real Sector 4 External Sector 4 Fiscal Outlook 4
More informationOur Expertise. IFC blends investment with advice and resource mobilization to help the private sector advance development.
Our Expertise IFC blends investment with advice and resource mobilization to help the private sector advance development. 76 IFC ANNUAL REPORT 2016 Where We Work As the largest global development institution
More informationFROM BILLIONS TO TRILLIONS:
98023 FROM BILLIONS TO TRILLIONS: MDB Contributions to Financing for Development In 2015, the international community is due to agree on a new set of comprehensive and universal sustainable development
More informationThe Turkish Economy. Dynamics of Growth
The Economy in Turkey in 2018 2018 1 The Turkish Economy The Turkish economy grew at a rate of 3.2% in 2016, largely due to the attempted coup and terror attacks. The outlook was negative in the beginning
More informationRegional Economic Outlook
Regional Economic Outlook Caucasus and Central Asia Azim Sadikov International Monetary Fund Resident Representative November 6, 2013 Outline Global Outlook CCA: Recent Developments, Outlook, and Risks
More informationCapital Market Development in Georgia. George Paresishvili CEO Georgian Stock Exchange
Capital Market Development in Georgia George Paresishvili CEO Georgian Stock Exchange GEORGIA AT A GLANCE General Facts Area: 69,700 sq. km Population (2017): 3.7 Mn Life expectancy: 77 years Official
More informationZambia s Economic Outlook
Zambia s Economic Outlook F R A N C I S C H I P I M O D I R E C T O R E C O N O M I C S B A N K O F Z A M B I A Z A M B I A I N V E S T M E N T C O N F E R E N C E N O V E M B E R 4, 2 0 1 5 L O N D O
More informationGovernor's Statement No. 33 October 10, Statement by the Hon. MAREK BELKA, Governor of the Bank for THE REPUBLIC OF POLAND
Governor's Statement No. 33 October 10, 2014 Statement by the Hon. MAREK BELKA, Governor of the Bank for THE REPUBLIC OF POLAND 2014 Annual Meetings Statement by the Hon. Marek Belka Governor of the Bank
More informationBanking Sector Monitoring Georgia 2018
Policy Studies Series [PS/1/218] Banking Sector Monitoring Georgia 218 Ricardo Giucci, Alexander Lehmann, Giorgi Mzhavanadze, Anne Mdinaradze German Economic Team Georgia in cooperation with Berlin/Tbilisi,
More informationEgypt Resilience and Potential
Egypt Resilience and Potential INTERNATIONAL BANKING FORUM 2011 Brescia, 16-17 June 2011 Issa, Ahmed Head of Financial Institutions Group Commercial International Bank Agenda o January 25 th February 11
More informationII. Progress in Implementation of Economic Reforms
UKRAINE -- ECONOMIC SITUATION Dr. Edilberto Segura August 1999 I. Introduction After 9 years of GDP decline, 1998 was expected to be Ukraine s first year with positive economic growth. In fact, from January
More informationMedium Term Macroeconomic Framework, Fiscal Strategy and Debt Management Strategy - continued
MACROECONOMIC FRAMEWORK The Macroeconomic Framework has been formulated taking into account the objective of Government to usher in a new phase of high economic growth with shared prosperity and enhanced
More informationMONETARY AND FINANCIAL TRENDS IN THE FIRST NINE MONTHS OF 2013
MONETARY AND FINANCIAL TRENDS IN THE FIRST NINE MONTHS OF 2013 Introduction This note is to analyze the main financial and monetary trends in the first nine months of this year, with a particular focus
More informationViet Nam GDP growth by sector Crude oil output Million metric tons 20
Viet Nam This economy is weathering the global economic crisis relatively well due largely to swift and strong policy responses. The GDP growth forecast for 29 is revised up from that made in March and
More informationFOURTH REVIEW UNDER THE POLICY SUPPORT INSTRUMENT DEBT SUSTAINABILITY ANALYSIS
December 17, 215 FOURTH REVIEW UNDER THE POLICY SUPPORT INSTRUMENT DEBT SUSTAINABILITY ANALYSIS Approved By Roger Nord and Masato Miyazaki (IMF) and John Panzer (IDA) The Debt Sustainability Analysis (DSA)
More informationAntonio Fazio: Overview of global economic and financial developments in first half 2004
Antonio Fazio: Overview of global economic and financial developments in first half 2004 Address by Mr Antonio Fazio, Governor of the Bank of Italy, to the ACRI (Association of Italian Savings Banks),
More informationEconomic activity gathers pace
Produced by the Economic Research Unit October 2014 A quarterly analysis of trends in the Irish economy Economic activity gathers pace Positive data flow Recovery broadening out GDP growth revised up to
More informationDOMINICAN REPUBLIC. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 DOMINICAN REPUBLIC 1. General trends The economy of the Dominican Republic grew by 7.0% in 2015, compared with 7.3% in 2014. That growth is driven
More informationRegulatory Announcement RNS Number: RNS to insert number here Québec 27 November, 2017
ISSN 1718-836 Regulatory Announcement RNS Number: RNS to insert number here Québec 27 November, 2017 Re: Québec Excerpts from The Quebec Economic Plan November 2017 Update, Québec Public Accounts 2016-2017
More informationPress release 557 th Meeting of the Governing Board of the Bank of Slovenia Ljubljana, 7 June 2016
Press release 557 th Meeting of the Governing Board of the Bank of Slovenia Ljubljana, 7 June 2016 The Governing Board of the Bank of Slovenia discussed the June 2016 Macroeconomic Forecast for Slovenia*
More informationTHE U.S. ECONOMY IN 1986
of women in the labor force. Over the past decade, women have accounted for 62 percent of total labor force growth. Increasing labor force participation of women has not led to large increases in unemployment
More informationEconomic projections
Economic projections 2017-2020 December 2017 Outlook for the Maltese economy Economic projections 2017-2020 The pace of economic activity in Malta has picked up in 2017. The Central Bank s latest economic
More informationGuatemala. 1. General trends. 2. Economic policy. In 2009, the Guatemalan economy faced serious challenges as attempts were made to mitigate
Economic Survey of Latin America and the Caribbean 2009-2010 161 Guatemala 1. General trends In 2009, the Guatemalan economy faced serious challenges as attempts were made to mitigate the impact of the
More informationIndonesia: Changing patterns of financial intermediation and their implications for central bank policy
Indonesia: Changing patterns of financial intermediation and their implications for central bank policy Perry Warjiyo 1 Abstract As a bank-based economy, global factors affect financial intermediation
More informationSouth Korea: new growth model emerging?
ING Business Opportunity Report Economics Department South Korea: new growth model emerging? Summary conclusions The growth outlook for Korea in the short to medium term is positive. ING forecasts economic
More informationOther similar crisis: Euro, Emerging Markets
Session 15. Understanding Macroeconomic Crises. Mexican Crisis 1994-95 Other similar crisis: Euro, Emerging Markets Global Scenarios 2017-2021 The Mexican Peso Crisis in 1994: Background An economy that
More informationUNCTAD S LDCs REPORT 2013 Growth with Employment for Inclusive & Sustainable Development
UNCTAD S LDCs REPORT 2013 Growth with Employment for Inclusive & Sustainable Development Media briefing on the Occasion of the Global Launch Dhaka: 20 November 2013 Outline q q q q q q q Information on
More informationTRENDS, DYNAMICS, AND CHALLENGES OF CAPITAL FLOWS TO FRONTIER MARKETS
HIGH-LEVEL CONFERENCE ON MANAGING CAPITAL FLOWS: LESSONS FROM EMERGING MARKETS FOR FRONTIER ECONOMIES MARCH 2, 2015, MAURITIUS TRENDS, DYNAMICS, AND CHALLENGES OF CAPITAL FLOWS TO FRONTIER MARKETS By Henry
More informationFixed Income. EURO SOVEREIGN OUTLOOK SIX PRINCIPAL INFLUENCES TO CONSIDER IN 2016.
PRICE POINT February 2016 Timely intelligence and analysis for our clients. Fixed Income. EURO SOVEREIGN OUTLOOK SIX PRINCIPAL INFLUENCES TO CONSIDER IN 2016. EXECUTIVE SUMMARY Kenneth Orchard Portfolio
More informationGeorgia: Joint Bank-Fund Debt Sustainability Analysis 1
November 6 Georgia: Joint Bank-Fund Debt Sustainability Analysis 1 Background 1. Over the last decade, Georgia s external public and publicly guaranteed (PPG) debt burden has fallen from more than 8 percent
More informationGlobal Economic Prospects: Navigating strong currents
Global Economic Prospects: Navigating strong currents Andrew Burns World Bank January 18, 2011 http://www.worldbank.org/globaloutlook Main messages Most developing countries have passed with flying colors
More informationGovernor's Statement No. 30 October 7, Statement by the Hon. ZHOU XIAOCHUAN, Governor of the Fund for the PEOPLE'S REPUBLIC OF CHINA
Governor's Statement No. 30 October 7, 2016 Statement by the Hon. ZHOU XIAOCHUAN, Governor of the Fund for the PEOPLE'S REPUBLIC OF CHINA Statement by the Hon. ZHOU Xiaochuan, Governor of the Fund for
More informationEconomic ProjEctions for
Economic Projections for 2016-2018 ECONOMIC PROJECTIONS FOR 2016-2018 Outlook for the Maltese economy 1 Economic growth is expected to ease Following three years of strong expansion, the Bank s latest
More informationCaucasus and Central Asia Regional Economic Outlook October 2011
Regional Economic Outlook October 211 Oil and gas exporters Oil and gas importers Kazakhstan Georgia Uzbekistan Kyrgyz Republic Armenia Azerbaijan Turkmenistan Tajikistan Overview Global outlook (CCA)
More informationINTERNATIONAL DEVELOPMENT ASSOCIATION INTERNATIONAL MONETRY FUND CAMBODIA. Joint Bank-Fund Debt Sustainability Analysis 1
Public Disclosure Authorized INTERNATIONAL DEVELOPMENT ASSOCIATION INTERNATIONAL MONETRY FUND CAMBODIA Joint Bank-Fund Debt Sustainability Analysis 1 Public Disclosure Authorized Public Disclosure Authorized
More informationCESEE DELEVERAGING AND CREDIT MONITOR 1
CESEE DELEVERAGING AND CREDIT MONITOR 1 May 27, 214 In 213:Q4, BIS reporting banks reduced their external positions to CESEE countries by.3 percent of GDP, roughly by the same amount as in Q3. The scale
More informationJean-Pierre Roth: Recent economic and financial developments in Switzerland
Jean-Pierre Roth: Recent economic and financial developments in Switzerland Introductory remarks by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank and Chairman of the Board
More informationKarnit Flug: Macroeconomic policy and the performance of the Israeli economy
Karnit Flug: Macroeconomic policy and the performance of the Israeli economy Remarks by Dr Karnit Flug, Governor of the Bank of Israel, to the conference of the Israel Economic Association, Tel Aviv, 18
More informationSri Lanka: Recent Economic Trends. January 2018
Sri Lanka: Recent Economic Trends January 2018 1 Agenda Summary Economic Growth Inflation and Monetary Policy External Account Fiscal Scenario of Government of Sri Lanka ICRA Lanka Limited 2 2 Agenda Summary
More informationMPC MARKET PERCEPTIONS SURVEY - SEPTEMBER
MPC MARKET PERCEPTIONS SURVEY - SEPTEMBER 2018 1 CONTENTS BACKGROUND TO THE MARKET PERCEPTIONS SURVEYS...3 INTRODUCTION......4 SURVEY METHODOLOGY......4 HIGHLIGHTS OF THE SURVEY.......4 CURRENT ECONOMIC
More informationCOMMISSION OF THE EUROPEAN COMMUNITIES COMMISSION STAFF WORKING DOCUMENT. Ex ante evaluation statement. Macro-financial Assistance to Armenia
EN EN EN COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 14.10.2009 SEC(2009) 1324 final COMMISSION STAFF WORKING DOCUMENT Ex ante evaluation statement Macro-financial Assistance to Armenia {COM(2009)
More informationECONOMIC REFORM (SUMMARY) I. INTRODUCTION
Interim Country Partnership Strategy: Myanmar, 2012-2014 ECONOMIC REFORM (SUMMARY) I. INTRODUCTION 1. This economic reform assessment (summary) provides the background to the identification of issues,
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Thirty-Third Meeting April 16, 2016 IMFC Statement by Angel Gurría Secretary-General The Organisation for Economic Co-operation and Development (OECD) IMF
More informationSTEADY GROWTH OVER THE DECADES BRINGS TURKEY TO THE THRESHOLD OF HIGH INCOME, WHILE THE PROSPERITY WAS SHARED AND THE SIZE OF MIDDLE CLASS DOUBLED.
MESSAGE 1 STEADY GROWTH OVER THE DECADES BRINGS TURKEY TO THE THRESHOLD OF HIGH INCOME, WHILE THE PROSPERITY WAS SHARED AND THE SIZE OF MIDDLE CLASS DOUBLED. The average annual GDP growth rate was 4.5
More informationTRINIDAD AND TOBAGO. 1. General trends
Economic Survey of Latin America and the Caribbean 2018 1 TRINIDAD AND TOBAGO 1. General trends The economy of Trinidad and Tobago remained in recession in 2017, with growth rate estimated at -2.3%. The
More informationFROM BILLIONS TO TRILLIONS: TRANSFORMING DEVELOPMENT FINANCE POST-2015 FINANCING FOR DEVELOPMENT: MULTILATERAL DEVELOPMENT FINANCE
DEVELOPMENT COMMITTEE (Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries) DC2015-0002 April 2, 2015 FROM BILLIONS
More informationUS$m mn
Jamaica and the Global Financial Crisis Outline Pre-Stand By Jamaica Jamaica Debt Exchange pre-condition to the IMF-SBA Post-Stand By Jamaica Key Issues 2 3 PRE-STAND BY JAMAICA Persistent national savings
More informationResearch Report on Belarus
Research Report on Belarus 18 January 219 Responsible Expert: Vladimir Gorchakov Rating Associate For further information contact: Rating-Agentur Expert RA GmbH Walter-Kolb-Strasse 9-11, 694 Frankfurt
More informationStrengths + and weaknesses
Chile: economic reality holds back reforms Country Report Ester Barendregt The Bachelet government is facing popular discontent on both the left and the right as well as a deteriorated economic environment,
More informationMacroeconomic and Financial Development: Mongolia
Macroeconomic and Financial Development: Mongolia WORKSHOPS ON SUPPORTING ASIA PACIFIC LLDCs AND BHUTAN IN MOBILIZING RESOURCES FOR THE SDGs 14 December 201 Current state of macroeconomic and financial
More informationEurozone. EY Eurozone Forecast September 2014
Eurozone EY Eurozone Forecast September 2014 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for
More informationIndonesia. Real Sector. The economy grew 3.7% in the first three quarters.
Indonesia Real Sector The economy grew 3.7% in the first three quarters. The economy grew in a 3.5-4% range in each of the first three quarters, in spite of adverse effects from the 22 Bali bombing, the
More informationEntrepreneurship Development Agency
Entrepreneurship Development Agency Marjanishvili str. 5/16-18, 0102 Tbilisi Tel: +995 32 2 99 10 44 Web: www.qartuli.ge; www.enterprise.gov.ge Mail: info@enterprise.gov.ge Growing Economy Georgia Snapshot
More informationViet Nam. Economic performance
Viet Nam Rising foreign direct investment helped to accelerate economic growth to 6. in 1. Inflation abated, and robust external accounts enabled the rebuilding of foreign reserves. Growth is forecast
More informationWorld Economic outlook
Frontier s Strategy Note: 01/23/2014 World Economic outlook IMF has just released the World Economic Update on the 21st January 2015 and we are displaying the main points here. Even with the sharp oil
More informationPublic Information Notice (PIN) No. 03/124 FOR IMMEDIATE RELEASE October 17, 2003 International Monetary Fund 700 19 th Street, NW Washington, D. C. 20431 USA IMF Concludes 2003 Article IV Consultation
More informationSOUTH ASIA. Chapter 2. Recent developments
SOUTH ASIA GLOBAL ECONOMIC PROSPECTS January 2014 Chapter 2 s GDP growth rose to an estimated 4.6 percent in 2013 from 4.2 percent in 2012, but was well below its average in the past decade, reflecting
More informationDecision The decision review meeting, held on November 26, 2012 authorized the team to continue with appraisal and negotiation.
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized PROJECT INFORMATION DOCUMENT (PID) APPRAISAL STAGE Report No.: PIDA798 Project Name TURKEY
More informationEconomic Projections :2
Economic Projections 2018-2020 2018:2 Outlook for the Maltese economy Economic projections 2018-2020 The Central Bank s latest economic projections foresee economic growth over the coming three years to
More informationCOMMISSION OF THE EUROPEAN COMMUNITIES. Recommendation for a COUNCIL OPINION
EN EN EN COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 30 January 2008 SEC(2008) 107 final Recommendation for a COUNCIL OPINION in accordance with the third paragraph of Article 5 of Council Regulation
More informationJanuary/2014. Growth. Public Disclosure Authorized. Public Disclosure Authorized. Public Disclosure Authorized. Public Disclosure Authorized
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized HIGHLIGHTS: MOZAMBIQUE ECONOMIC UPDATE January/1 's economy registered strong growth
More informationMonetary Policy Statement: March 2010
Central Bank of the Solomon Islands Monetary Policy Statement: March 2010 Central Bank of the Solomon Islands PO Box 634, Honiara, Solomon Islands Tel: (677) 21791 Fax: (677) 23513 www.cbsi.com.sb 1.Money
More informationEconomic Profile of Bhutan
Economic Profile of Bhutan Submitted to: Dr. Ahmed Tazmeen Assistant Professor, Department of Economics North South University Submitted By: Namgay Wangmo MPPG 6th Batch ID # 1612872085 Date of Submission:
More informationProposal for a DECISION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL. providing further macro-financial assistance to Georgia. {SWD(2017) 321 final}
EUROPEAN COMMISSION Brussels, 29.9.2017 COM(2017) 559 final 2017/0242 (COD) Proposal for a DECISION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL providing further macro-financial assistance to Georgia
More informationQuestions may be referred to Ms. Fichera, APD (ext ).
To: Members of the Executive Board April 22, 2005 From: The Secretary Subject: Timor-Leste Statement by the IMF Staff Representative at the Donors Meeting Attached for the information of the Executive
More informationReport to G20 Compact with Africa Compact Narrative Ethiopia Goal: Improve framework conditions for private investment (domestic and foreign)
Report to G20 Compact with Africa Compact Narrative Goal: Improve framework conditions for private investment (domestic and foreign) has experienced a rapid and sustained economic growth over the past
More informationINCREASING THE RATE OF CAPITAL FORMATION (Investment Policy Report)
policies can increase our supply of goods and services, improve our efficiency in using the Nation's human resources, and help people lead more satisfying lives. INCREASING THE RATE OF CAPITAL FORMATION
More informationan eye on east asia and pacific
67887 East Asia and Pacific Economic Management and Poverty Reduction an eye on east asia and pacific 7 by Ardo Hansson and Louis Kuijs The Role of China for Regional Prosperity China s global and regional
More informationINTERNATIONAL DEVELOPMENT ASSOCIATION INTERNATIONAL MONETARY FUND THE GAMBIA. Joint Bank-Fund Debt Sustainability Analysis
INTERNATIONAL DEVELOPMENT ASSOCIATION INTERNATIONAL MONETARY FUND THE GAMBIA Joint Bank-Fund Debt Sustainability Analysis Prepared by the Staffs of the International Development Association and the International
More informationMyanmar Economic Monitor May 2018 Growth Amidst Uncertainty. Hans Anand Beck Lead Economist, Myanmar
Myanmar Economic Monitor May 2018 Growth Amidst Uncertainty Hans Anand Beck Lead Economist, Myanmar May 17, 2018 Key Takeaways The economy performed better in 2017/18 amidst uncertainty. A stronger-than-expected
More informationEconomic policy-making in a small and open economy the case of Suriname
Is small beautiful? Economic policy-making in a small and open economy the case of Suriname Gillmore Hoefdraad November 2012 Highlights World Economic Outlook 2 Summary Global growth has decelerated. Growth
More informationAgribusiness & Forestry
Annual Report 2013 Agribusiness has an important role to play in poverty reduction. The agricultural sector often accounts for at least half of GDP and employment in many developing countries, which makes
More informationCENTRAL AFRICAN REPUBLIC
CENTRAL AFRICAN REPUBLIC June 29, 217 SECOND REVIEW UNDER THE EXTENDED CREDIT FACILITY ARRANGEMENT, FINANCING ASSURANCES REVIEW, AND REQUEST FOR AUGMENTATION OF ACCESS DEBT SUSTAINABILITY ANALYSIS 6 Approved
More information