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Monday, March 27, 2017

Georgia aims to end poverty, improve prosperity with World Bank operation

A $92.7 million competitiveness and growth development policy operation (DPO) was recently approved by the World Bank board of executive directors for the nation of Georgia.

The approval is the last operation in the programmatic series of three operations spanning 2012-2014 and will aid Georgia's government in strengthening competitiveness and improving social and fiscal outcomes with an ultimate objective of ending extreme poverty and boosting shared prosperity.

"This third development policy operation in the series is designed to support the government in helping create jobs by advancing further structural reforms and better targeting of social assistance to those who really need it," World Bank Regional Director for the South Caucasus Henry G. Kerali said. "Strong government ownership of the program has ensured implementation and sustainability of the DPO program supported by the bank over the past three years. We look forward to starting a new DPO series from next year."

The objectives, as part of the policy operation, will be reached by reforms in the areas of trade and trade facilitation, the power sector, education, public financial management and effectiveness of social spending.

"The core sectors covered in this operation are well aligned with the priority sectors in the government's strategy," World Bank Senior Country Economist for Georgia Mona Prasad said. "The new government has refocused its reforms towards the social sectors, particularly social assistance, education and health.It has also indicated its commitment to the growth strategy focused on investments in the tradable sectors and has expressed full ownership of the policy actions under this operation."