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Splendours & Miseries of the IMF in Post Communist Georgia by Vladimer Papava    

With the dissipation of the Soviet Union , many countries embraced their new freedoms with open arms.  But as the newness wore off, the reality set in of “How do we pay for this?”  The answer: The International Monetary Fund.  

Some people regard the IMF positively.   However, others criticize it and call for the IMF to leave the country.  The majority of the population, however, stays in confusion, looking at the IMF’s activities with mistrust.  So it is in the new Republic of Georgia (and almost all countries which are in the process of the post-Communist transformation).  

Today the IMF has no alternative and the existing global financial order requires that Georgia perform a role of recipient country defined by that order itself.  

This book analyzes the role of the IMF in an international financial framework to give an objective evaluation of the positive and negative aspects of its activities in Georgia . 

At this difficult stage of its development, Georgia has already made an exclusively right choice: to tie its future with Europe and the West.  Success is achievable only by gradual adoption of the Western system of values.  Without financial and political assistance from the West it will be practically impossible for Georgia to preserve its national independence, especially bearing in mind hardships of economic transition and temporarily lost territories.  

Remarkable achievements have been accomplished between Post-Communist Georgia and the IMF. There were some errors too.  The specific contribution of this book is to analyze the role of the IMF  in post-Communist Reforms and to expose the main reasons of its errors both by the Georgian Government and the IMF.

The book will be interesting for international financial institutions (IMF, World Bank, EBRD, etc.), governments, scholars and students studying transitional economies and the process of globalization.

Professor Vladimer Papava is the author of more than 120 works devoted to
the problems of economic theory, macroeconomics, and economic/mathematical
modeling. Particularly remarkable are his theoretical and applied studies of
Post-Communist transformation of economies.  His research efforts are
underpinned by a practical experience gained during his work for the Georgian Government: from 1994 to 2000, as a Minister of Economy.

He was actively involved in currency reform, liberalization of economy,
liberalization of foreign trade, institutional transformations and other
ambitious governmental programs. As a member of the economic team of the
Georgian Government, he was one of the main participants in the negotiations
with the International Monetary Fund and World Bank missions.

At present, Papava is Senior Fellow of the Georgian Foundation for Strategic and International Studies (GFSIS).son is a m


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