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Georgian Lari’s Depreciation Created Problems for Businessmen During the Tendering Process

The depreciation of the GEL  created  problems for  business during the  tendering process. Obligations undertaken by the businessmen in November and December today are much more expensive.

Irakli Kakabadze, Director General at “Alta”, says that thebusiness made calculations based on another currency exchange rate, now they have to focus on another rate.

Kakabadze notes  if the government doesn’t  resolve this problem quickly, many businesses will face bankruptcy.
In his words, this issue was raised by almost all representatives of business at the meeting  with  the government’s economic team. “The government’s response is  that it recognizes the problem and  is going to discuss it”, – says Kakabadze.

As for the government’s planned regulations which restrict business, in Kakabadze’s opinion, the business regulations are not hailed in any country, however, there are required regulations based on the public needs.

“In this case deadlines play a very important role. When the economy is growing too slowly, or there is a danger of moving into a recession, what is happening now, I think the government should refrain from tightening regulations. When  the economy  recovers then  the public and the Government will have the luxury of  tightening  regulations “, – Kakabadze adds.

“Alta” Director evaluates the anti-crises plan developed by the government and says  that the submitted projects have satisfied the  businessmen.