BAKU, Azerbaijan, Dec.22
By Tamilla Mammadova – Trend:
Georgia should try to reduce the debt as much as possible so that it can mobilize funds in the future, if necessary, as it's able to do now, said Finance Minister Ivane Machavariani, Trend reports via Georgian media.
As Machavariani noted, they will do their best to bring the rate to 55 percent.
"It is important that we maintain a 60 percent benchmark. Some 60 percent is not a problem in particular. Many countries around the world would be within this volume, but we know that once every 7-8 years, there are different types of crises, not of this scale, which is probably the crisis of the century, but different types of challenges. Therefore, we should try our best to bring down the debt so that at some point, if we needed to, we could easily mobilize funds," he said.
As he said, Georgian debt volume was at the 40 percent mark, which is why it was able to negotiate very easily $1.5 billion.
"Today, we are already talking about the 1.9 billion that we will receive in total this year and in the first quarter of the year. In the future, when there maybe some kind of crisis and we may need money, we should have space for it. On the other hand, the law obliges us to keep the debt below 60 percent, so we must always follow the debt mark to have the necessary fiscal space to respond to a specific crisis, be it financial, economic or regional," said Machavariani.
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