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IMF Praises Georgia's Success In Attracting Investment

(official website) TBILISI, May 29, 2007 (RFE/RL) -- An official with the International Monetary Fund (IMF) said today that Georgia has performed well in bringing more investment into the country, RFE/RL's Georgian Service reported.

"I think it's notable that over the past two years, FDI [foreign direct investment] flows to Georgia have been higher than any other country in the region as a percentage of GDP," IMF official David Owen said during a presentation in Tbilisi on regional economic outlook.

"I think that's a clear reflection of the success of the structural reforms and strengthening of the business environment that has gone on since 2003," he added.

Good Climate

In a recent report, The IMF lauded Georgia's investment climate and ability to record GDP growth of around 9 percent in 2006 in the face of economic sanctions imposed by Russia.

The World Bank, meanwhile, in its 2006 "Doing Business" survey named Georgia the No. 1 reformer in the world.

Owen and other IMF officials were in Tbilisi to mark Georgia's transfer to a new stage of cooperation with the fund in its Poverty Reduction and Growth Facility plan, the IMF's low-interest lending facility for low-income countries.

(with material from Caucasus Press)

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