Pinpointing the key structural reform priorities to support economic transitions in the countries of the South Caucasus and Central Asia (CCA countries), was one of the main topics discussed on September 18 at the International Monetary Fund’s (IMF) brainstorming session.
In addition, experts including Aleksi Aleksishvili (Former Minister of Finance of Georgia and Current Chairman and CEO at PMCG), Vahram Avanesyan (Former Minister of Economy of Armenia), Almas Chukin (Managing Partner at Visor Kazakhstan), and Sergei Guriev (Professor and Scientific Director of Sciences Po's Graduate Programs in Economics, previously Chief Economist at the European Bank for Reconstruction and Development), and representatives of the IMF’s Middle East and Central Asia Department discussed the main macroeconomic policy priorities in the near- and medium-term for CCA countries. In the process, they covered the political-economic environment, and the provision of support for policies and reforms to promote more inclusive growth, which are areas in which the IMF’s engagement can most help the countries of the region. Meanwhile, participants also debated the ways in which the IMF could best help to address the impacts of the COVID-19 pandemic in the CCA countries.
“I think that the session turned out to be quite interesting and fruitful. The role of bilateral and multilateral development institutions to guide and support CCA countries in overcoming economic challenges in the medium- and long-term, as well as in tackling the pandemic reality is crucial,” said Aleksi Aleksishvili, while commenting on the discussion, adding that “not only is the financial support allocated from international development agencies essential, but so too are their knowledge-sharing and policy advisory mechanisms.”