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Business Association of Georgia Opposes Parliament Initiative

Business Association of Georgia Opposes Parliament Initiative

Business Association of Georgia (BAG) does not see any need to create an independent bank oversight structure – BAG’s President George Chirakadze believes that the planned changes will bring more problems than benefits.

“Businessmen should be able to express their views and explain the deputies why they consider unacceptable to deprive the National Bank of supervisory functions. At this stage it is most important for us. We believe that decisions of this kind must not be hasty and taken without a detailed discussion. We have a very strong argument that government and parliament should focus on making decisions that will bring real effect to the economy, “- he says.

According to him, he had a meeting with the business ombudsman and advisor to the Prime Minister for Economic Affairs, during which they discussed issues related to the pension reform, the development of the stock market, etc. “We have come to believe that these processes should be speeded up, as they are important for economic development. We are all united in the understanding that the country has economic problems, which require a rapid response, from both government and business. Various sectors of the economy face different problems, and the government should pay attention to them “- notes George Chirakadze.

In his words, the Business Association also formally opposed the project of creating a new supervisory service. “We have not heard any argument in favor of this decision, in addition to political considerations, which are not in our competence. We are a non-political organization and political assessments are not our business. While we are ready to listen to the economic assessment of how the new initiative will benefit the economy. But at this stage, no arguments of this kind we have heard, “- BAG’s President adds.