2017-10-19
In terms of reforms Georgia is truly a leader in the region; the country's economic development is headed in a correct direction; the state has implemented important reforms in that regard; in the beginning of 2017 the most important fiscal and tax reforms were implemented, as a result, there is a positive dynamic in the country - during today's Government meeting Prime Minister Giorgi Kvirikashvili commented on the assessments made during the visit of Vice President, Minister of Finance Dimitry Kumsishvili.
Prime Minister assessed the visit, during which meetings were held with international financial institutions, rating agencies and US Congress members as very successful.
"It is noteworthy, that according to World Bank Vice President for Europe and Central Asia Cyril Muller, Georgia's positive economic growth rate provides a solid foundation for being optimistic and the World Bank is working on developing the framework document on 5-year cooperation with Georgia. Main directions of the document, alongside regional development, will include education and innovations, which is important for our country. It is also important that international financial organizations, including the EBRD, expressed readiness to support Georgia in terms of capital market development. There are many great plans in the area of systemic development, which is very important, since starting from the third quarter of 2018, an additional model of pension system that implies the cumulative pension model will be launched; in parallel with this, launching of new capital market project will be of extreme importance," - the Prime Minister noted.
According to the head of the Government, it is also noteworthy that J.P. Morgan and Deutsche Bank have expressed interest to cooperate with Georgia in the area of developing the stock market instruments and issuing securities denominated in GEL, which is very important.
Prime Minister also discussed improvement in the Moody's rating of Georgia from Ba3 level to Ba2 level and commented on the meetings of Georgian delegation members with the three principal rating companies: Moody's, Fitch Ratings and Standard & Poor's. According to Giorgi Kvirikashvili, it is important to provide them with full information in order to ensure that these companies have proper understanding of positive changes and processes taking place in Georgia.
"The meeting held at the US Congress were also important; the support of the US Congress is of utmost importance to us. I would like to thank the country that has been and is providing principal support to Georgia on its path of democratic development. We greatly value their assessments, which were very positive - that the rate of economic growth is healthy, corruption index is low and Georgia has undergone a huge progress in terms of governance and economic development. These are the words of Congressman David Price. I am very glad that such assessments are made," - the Prime Minister noted.
Giorgi Kvirikashvili thanked the Georgian delegation led by Dimitry Kumsishvili and stated that the President of the National Bank of Georgia was also in the delegation and he took active part in many interesting meetings for the country.
"On one hand, very strong coordination between the Government and the National Bank, and on the other hand, the independence of monetary policy of the National Bank provides one of the most important grounds for creating a solid foundation for developing healthy economic environment in the country. Overall, I would like to say that we have a lot of work to do to improve the level of economy, however, notwithstanding number of challenges, the trend adopted by our country is very healthy and positive and we will definitely achieve the substantial change of the quality of life in our country. I am convinced that the foundation which has already been laid will be very effective in this area," - Giorgi Kvirikashvili noted.
Georgian delegation led by Vice Prime Minister Dimitry Kumsihvili visited the US on October 11-15.
Prime Minister's Press Office