IMF Regional Economic Outlook (REO) for the CCA
Jihad Azour
Director for the Middle East and Central Asia Department
INTERNATIONAL MONETARY FUND
FOLLOWED BY A DISCUSSION WITH
Koba Gvenetadze, Governor, National Bank of Georgia
Kairat Kelimbetov, Governor, Astana International Financial Center
Date: Tuesday, April 28, 2020 at 17:30 Almaty time (or 7:30 U.S. Eastern Time)
Venue: On-line at IMF.ORG (English and Russian channels); details to be updated
With streaming by partners and stakeholders
(CCA central banks and universities)
The Caucasus and Central Asia (CCA) region is being strongly affected by COVID-19 and the sharp decline of global oil prices. The priority has been to respond to challenges of the pandemic, including through higher health sector expenditures, travel and transport restrictions, physical-distancing measures, and where possible, fiscal support to vulnerable groups, the unemployed, and small and medium enterprises. The growth outlook for 2020 has turned from positive to near-zero or negative across the region. There are significant uncertainties about the duration, depth, and spillovers from the two shocks, with concerns about job losses, fiscal and foreign exchange buffers, debt, financial institutions, and loss of progress in reforms to business environments, regional integration, and diversification. The IMF is working with other international and regional financial institutions to provide rapid support.