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“PSP” Founder Predicts Currency Crisis to End in May

Business representatives are satisfied with  the plan worked out by the  government to  stabilizing the lari.

The monetary crisis will become stable by May, said Kakha Okriashvili, one of the founders of PSP, after a meeting of government representatives and businessmen.

According to him, the GEL exchange rate will stabilize, with one dollar being equal to 2 GEL.

“Giorgi Kvirikashvili has just presented a short-term action plan to overcome the crisis. Presumably, there will be no crisis by the end of May and according to my estimations, one USD will be equal to 2 GEL,”- Okriashvili remarked.

Soso Pkhakadze, Chairman of the Supervisory Board of “Wissol Group”, is also  satisfied with the meeting. Pkhakadze positively assesses the outcomes of the meeting and expresses hope that concrete steps will be taken to stabilize the GEL rate.

He says  that at this stage fuel prices are not increased – all companies are  trying  to maintain prices.

Government has presented representatives of the private sector its own plan to stabilize the situation in the country to in  short, medium and long terms.

Giorgi Kvirikashvili, Deputy Prime Minister, Minister of Economy and Sustainable Development of Georgia, predicts that this year’s economic growth will be in the range of 2 percent.

At the end of the meeting organized by the Business Association at the “Tbilisi Marriott” hotel, Kvirikashvili told  reporters that   the need for changes in the budget was caused by the fact that this year’s real economic growth in Georgia will, presumably, be within 2 percent.

“But in terms of foreign direct investment and tourism ,  the Government will take serious measures , and I think that the situation will be completely balanced,” – said Giorgi Kvirikashvili.
“We will do everything in order each lari spent in the economy to give the economic effect. In this situation, it will be inadequate to  issue bonuses. Still, I wish  the mood were upbeat, as a reduction in government spending, in any case, will have a positive impact on the economy, “- said Giorgi Kvirikashvili.