BAKU, Azerbaijan, Aug. 6
By Tamilla Mammadova – Trend:
High economic growth should be the main focus of Georgian economic vision for the next 10 years, said Finance Minister Lasha Khutsishvili, Trend reports via Georgian media.
Khutsishvili has presented his ministry’s 10-year development strategy which aims to tackle poverty and unemployment and increase overall economic well-being in Georgia.
Macroeconomic stability plans and economic reforms to ensure high economic growth include:
- Maintaining the fiscal sustainability of the country: the government will reduce the foreign debt to 45 percent by 2026 and by 2030 the rate will be below 40 percent.
- Reducing the country’s external vulnerability: Georgian Finance Ministry aims to reduce the current account deficit by four percent and also the share of foreign currency in total debt by 65 percent.
The Finance Ministry of Georgia will implement the following business-oriented reforms: Growth-oriented tax policy, Business-friendly tax administration, Tax dispute reform, Capital market reform.
The debt volume in Georgia exceeded the 60 per cent mark in 2020.
Net debt to be reduced to 45 percent of Gross Domestic Product (GDP) by 2026. The share of lari in the total debt to be increased to 35 percent. Non-resident investors’ share to be increased to 30 percent.
Khutsishvili also pledged the progress of improvement in investment rating, noting that it will create more possibilities for Georgia to grow the economy.
He also predicted that in the long run, GDP will double per capita.
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