BAKU, Azerbaijan, April 9
By Tamilla Mammadova - Trend:
Asian Development Bank (ADB) will support to help Georgia build a path to economic stability and growth, said ADB President Masatsugu Asakawa, Trend reports referring to the bank.
Masatsugu Asakawa and Georgian Prime Minister Giorgi Gakharia discussed the ADB’s support package for Georgia’s fight against the novel coronavirus pandemic over the phone.
“We know this pandemic is causing severe hardship for many people and businesses, in particular in tourism. Once Georgia passes the peak of the pandemic, significant challenges will remain to facilitate a recovery. ADB is working on a package of support to quickly help Georgia build a path to economic stability and growth,” said Asakawa.
Gakharia thanked Asakawa for ADB’s strong and speedy support. The sides discussed the importance of addressing the immediate economic impact of the crisis, and how ADB can help Georgia prepare the way for recovery.
ADB’s support is expected to focus on countercyclical budget financing, a fast tracked policy based loan for social protection measures, and programs to strengthen the energy, urban water, and vocational skills sectors, all of which are essential to ensuring a strong recovery.
The Asian Development Bank is also increasing support for private sector in Georgia by providing loans and trade finance to banks in the country.
Meanwhile, this call followed an earlier discussion between Asakawa and Georgia’s Minister of Finance Ivane Matchavariani on 25 March when the minister outlined measures being taken by the Georgian government to reduce the spread of COVID-19 and manage the economic impact.
On 18 March, ADB announced an initial package of approximately $6.5 billion to address the immediate needs of its developing member countries, including Georgia, as they respond to the COVID-19 pandemic.
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