On June 7, during his visit to Georgia, Mr. Anthony De Lannoy, the Executive Director of the IMF who represents Georgia along with the other 15 countries at the IMF Board of Directors, addressed an audience of ISET researchers, students and management, as well as senior representatives of the National Bank of Georgia, with an overview of the IMF and its cooperation with Georgia.

Mr. De Lannoy spoke of the IMF as an institution, and described its history, structure, functions, instruments and its evolution.

He further explained that the IMF’s activities include surveillance, in which the IMF acts as a global monitor over the economic, financial and exchange rate policies of its members, and a catalyst of the countries’ economic development; it provides to capacity development by providing technical cooperation support and contributes to policy analysis of various beneficiaries; and it extends lending, which is realized in its own currency Special Drawing Rights or SDR, which is the IMF’s own currency with 1 SDR being an equivalent of ca. 1.36$, through a range of financial concessional and non-concessional instruments, such as “precautionary and liquidity credit lines”, “extended fund facilities”, “standby arrangements’, “rapid credit facilities” and others, depending on the needs of the IMF members in covering their payment imbalance and their quota at the Fund (i.e. the members’ voting rights and access to funding relative to the amount of their contribution and their economic standing).

In addition to its other exchange programs, from last year ISET has actively built up a cooperative relationship with Lausanne University. A group of students and professors from the Business and Economics Faculty at Lausanne University visited ISET early this year and had a chance to take a course in Mechanism Design, taught by Motty Perry, a Senior Academic Adviser at ISET and Professor of Economics at the University of Warwick in the UK. In addition, they participated in a number of ISET-arranged seminars, touching upon various fields in Economics.

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