საქართველოს მთავრობა|Government of Georgia

On July 18, 2011, Prime Minister of Georgia, Nika Gilauri, met with representatives of the private sector at Sheraton Metechi Palace Hotel.

Before the meeting started, the Prime Minister declared:

"At the beginning of the current month, we submitted a ten-point strategic development plan for modernization and employment to the public. This plan covers several aspects: macroeconomic stability, development of agriculture and tourism. We would like to meet with the public once every six months, to submit reports on what we are going to do during the next six months.

Today, together with the President of National Bank and the Minister of Finance, we are meeting with businessmen. We would like to share the results of six months with them, listen to their questions, what remarks they have, or how we can improve the ten-point strategic development plan.

I would like to point out several aspects of results of six months: problem of foreign loan has been solved. The country had a foreign loan, we had to pay quite a large amount in 2012-2013, although, we issued 10-year Eurobonds in spring, which was a very successful transaction as they are now traded better than bonds of European countries, including Italian bonds. Consequently, we have solved the problem of foreign loan of the country.

It should be mentioned that the budget deficit has been reduced. We started the year with budget deficit of 4.5% and have reduced it to 3.7%. It is very important that the government is capable to reduce budget deficit promptly, in a short period of time.
The third aspect should also be mentioned - inflation that is of greatest concern of the public. Maximum level of inflation was 14.3% increasing month after month. We have the first result of reduction. Last month, 10% inflation was observed. This is a very positive result. We hope that in the nearest months, inflation will be expressed in a one-figure number.

For macroeconomic stability, the Act of Economic Freedom confirmed by the Parliament several days ago is very important. This is of great importance for future macroeconomic development of the country, for investors and for increasing employment level in the country."

Prime Minister Press-Service