2019-10-03
Our joint effort has resulted in a very well balanced budget reflecting the state's social responsibility, fiscal discipline, and the state's capital expenditure, Georgian Prime Minister Giorgi Gakharia stated during today's Government meeting.
According to the Prime Minister, the 2020 budget has already been referred to the Parliament, and further coordinated efforts from the Government, the Parliament, and the National Bank will ensure economic growth and effectiveness making a difference in the everyday lives of our citizens. "As you know, our budget deficit is 2.7%, which is perfectly in line with the ongoing IMF program, another fact indicative of the budget's balanced character. This coordinated effort must continue, given the numerous challenges facing our economy, such as the GEL exchange rate which, we all understand, has a direct social impact on the everyday lives of our citizens," Giorgi Gakharia said.
The Government and the National Bank are working in a coordinated manner, and this continuous process is fully aligned with their mandates, only to grow in effectiveness on a daily basis.
According to the Head of Government, the National Bank's decisions in the recent period enjoy full support from the Government of Georgia.
"Notably, the recent decisions by the National Bank-those increased interest rates, interventions and, most importantly, on decreasing reserve requests in foreign currency-enjoy full support from the Government of Georgia. That will once again enable us to show to our population how well coordinated and effective our work can be. As a result of these measures, about 700 million's worth of free currency resources will be available in our banking system which must be supplied to our economy directly and rapidly. To that end, the Government of Georgia is starting direct sectoral meetings with business next week, to eliminate every obstructive factor that may delay the use of these resources and hinder greater dynamism in our economy. And that is our shared task for the nearest future, next week, and we all must work together in this direction, in respective directions of our ministries," Giorgi Gakharia stated.
Prime Minister's Press Office