BAKU, Azerbaijan, June 19
By Tamilla Mammadova – Trend:
Asian Development Bank (ADB) Country Director for Georgia Shane Rosenthal has praised Georgia's response to the coronavirus pandemic, Trend reports citing Georgian media.
He noted the country’s early actions to combat the virus including health checks on incoming airline passengers and restrictions on movement.
"As Georgia’s economy gradually restarts, it has a unique opportunity to initiate a new era of growth that is more diversified and inclusive,” said Rosenthal.
He also praised the regulations of the National Bank of Georgia to stabilize lari, the Georgian currency, and the postponement of repayment of loans by Georgian commercial banks. He added that the Georgian government is trying to identify and help people who need it most, including pensioners over 70.
"Although the response to the pandemic will contribute to a fiscal gap reaching about 8 percent of GDP, Georgia has built up fiscal and foreign exchange buffers to help it weather economic shocks. Its economic policy making institutions have also established a reputation for competence and strong governance,” said Rosenthal.
According to him, the international financial support to Georgia including the ADB’s $100 million financial countercyclical loan to contain the pandemic and said that confidence in Georgia helped international partners to support the country.
ADB Country Director for Georgia offered five ways to help the Georgian economy, including support the private sector by maintaining a resilient financial system, improving access to finance for micro, small and medium-sized enterprises, boosting access to finance for the agricultural sector, improving employment skills that are relevant to the modern economy, and developing more livable cities.
Rosenthal noted that Georgia has successfully avoided the worst health impacts of COVID-19, although the pandemic has confirmed that the country remains dependent on tourism and trade.
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