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Georgian Gov’ t Submitted a Plan for Overcoming the Economic Crisis

The Georgian government presented a plan to overcome the economic crisis, stabilize  the national currency  designed in both  long-term and short term period at a meeting with the  members of the Georgian Business Association.

In particular, the process of privatization is expected to be intensified and in the coming days 15 different objects, such as government residences, former public buildings, power plants, etc,  will be  put up for sale.

“We just started the meeting, and already there were several concrete proposals on these objects. We are talking about very specific investments. For example, the  sale of Gardabani thermal power plant can bring  $ 300-350 million to the budget. In addition, we  are taking  a number of important steps to improve the business climate and attract investment, “- said Economy Minister Giorgi Kvirikashvili.

According to the Minister of Finance, a  work is underway  with the International Monetary Fund (IMF)  on a program that would help stabilize the exchange rate in the short term.

“I don’t mean  additional debt. We are talking about an accelerated issuance of resources already included in the budget. They will focus on infrastructure projects. Apart from that, additional funds may be attracted  for this type of projects, “- he said.

According to the Minister, now they are working on several scenarios for economic  growth.

“External factors have had a negative impact not only on Georgia, but also on neighboring countries, including the major trading partners. When we started in December to approve the budget, the external situation was quite different than it is now. Today the situation has changed not only in terms of the exchange rate in Georgia, but also in partner countries. So naturally we’ll have to revise the forecast. We are working on this issue jointly  with the National Bank, the Ministry of Economy, and International Monetary Fund. There are several options, and the budget will be adapted to the one that is selected, “- said the Minister.

According to Otar Danelia, Minister of Agriculture of Georgia,  Georgia has never been so attractive for investment as  it is today.

As noted by Danelia, Georgia has never had such opportunities in terms of freedom of business as now. Answering the question about what is the problem, the Minister says that it is a reality that prevails not only in Georgia, but in all regions and other countries. “This is the current phenomenon requiring appropriate adaptation,” – Danelia notes.