As World Bank Regional Director Sebastian Molineus says, the World Bank remains a devoted partner of Georgia, and it will support the government measures to restore the economy.
As the World Bank press release reads, the Gross Domestic Product growth will drastically decrease and reach 0 percent in 2020.
Molineus says fiscal stimulations will partially mitigate the drop.
''We are currently working with the government, we've been working with them since day 1 of this crisis, and we are putting together and formulating 3 different projects or interventions to support the people of Georgia.
To help preserve #jobs in Europe & Central Asia, support to the private sector should include temporary business credit, tax payment deferrals, loan guarantees for SMEs, or subsidies to the worst affected industries. Report: https://t.co/aEgzAaxGWN #COVID19 #coronavirus pic.twitter.com/tUQLGuRIUS
— World Bank Europe and Central Asia (@WorldBankECA) April 9, 2020
1) to support and protect, and to build the healthcare systems and to address those that are most impacted by the crisis, through targeted social protection measures;
2) we want to ensure that we have a broader social protection and safety net that is input in place over the coming months to be able to support the people of Georgia and;
3) we want to ensure that strong economic recovery is assured for, supporting the private sector that is most hard hit by the COVID-19 crisis for example, in tourism, for example in agriculture and other key sectors that are prone to some of the trade shocks that are currently occurring,'' Molineus stated.
Bela Gelashvili
News Author