According to Georgian Finance Minister Vano Machavariani, macro-economy and Georgia's fiscal policy supported by the International Monetary Fund helped Georgia's economy to deal with the serious economic situation with which the region has been faced.
"Since the program was launched, we have confirmed we are resolute in our intention to realize key fiscal objectives and despite the program still being underway, we daresay we have realized all the three key goals of ours. In the first place, current expenses having amounting to 25.9 percent decreased to 23.3 percent in 2016, with Georgia still witnessing a downward trend in this respect; this means that we have considerably reduced the size of the government. The second achievement is that we have significantly precipitated capital expenditures with regard to the eastern and western main road and Kvesheti-Kobi road: in all sections of the road, the work has either been launched or is being put final touches on. All these capital expenditures have been included in our fiscal framework and fully financed by finance institutions. The third accomplishment is deficit normalization. Our fiscal deficit stably continues to be 2.5% of GDP, with this pointing to the fact that the budget sector constitutes a guarantee of a stable macro-economic environment in the country," declared the Georgian Finance Minister.
Bela Gelashvili
News Author