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TBC Capital reveals expected financial resource flow to Georgia

Business Materials 18 May 2020 22:26 (UTC +04:00)
TBC Capital reveals expected financial resource flow to Georgia

BAKU, Azerbaijan, May 18

By Tamilla Mammadova – Trend:

Georgian economy is less dependent on speculative capital, Trend reports citing the report on “The Impact of COVID-19 on the Georgian Economy” of TBC Capital at Georgian TBC Bank.

According to the report, the total amount of declared financial resources that will be attracted to Georgia is approximately $3.1 billion, of which $1.6 billion will be attracted by the state, and $1.5 billion by the private sector.

Of the amount raised by the state, $1.03 million will be allocated to social support programs, $2.11 million - to economic recovery programs and entrepreneurship assistance, $350 million - to the health care system, and $1 billion - to refinance public debt and private sector debt.

“Under the baseline scenario, by the end of 2020, the price of oil (Brent) will rise to about $40, which is significantly lower than it was at the end of 2019 ($65). Nevertheless, for economies in the region that depend on oil prices, this indicator is relatively acceptable,” the report said.

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