Georgia takes measures to lead economy out of crisis

Business Materials 3 April 2020 15:26 (UTC +04:00)
Georgia takes measures to lead economy out of crisis

BAKU, Azerbaijan, Apr.3

By Tamilla Mammadova – Trend:

Support for local production, import substitution and assistance to business will become the main areas of struggle against the economic crisis caused by the coronavirus spread in Georgia, Prime Minister Georgi Gakharia said, Trend reports citing Georgian media.

"The Ministry of Economy and Sustainable Development is entrusted with developing schemes to support local production not only within the framework of the Produce in Georgia program, but also in other areas," Gakharia said.

He emphasized the importance and necessity of import substitution in the current difficult situation.

Gakharia also touched on the topic of credit guarantee schemes, developed jointly by the ministries of finance and economy, which in the post-crisis period should help companies quickly gain momentum. The prime minister noted that donor companies can help the state in this matter.

"We began to fight the epidemic at an early stage, and at an early stage, we should begin to work on creating a post-crisis program," the prime minister said.

The number of COVID-19 cases has reached 148 in Georgia.

On March 21, Georgia declared a state of emergency until April 21 to prevent the spread of coronavirus.

The outbreak in the Chinese city of Wuhan - which is an international transport hub - began at a fish market in late December 2019. Some sources claim the coronavirus outbreak started as early as November 2019.

The World Health Organization (WHO) declared COVID-19 a pandemic on March 11.


Follow the author on Twitter: @Mila61979356