Georgian authorities are preparing an economic stimulus package
The Georgian authorities have prepared a package to stimulate the economy in the post-crisis period, taking into account several possible scenarios. This was stated by the head of the Ministry of Finance of Georgia, Ivane Machavariani, following a meeting of the interdepartmental coordination Council.
"We have prepared a whole package of measures. There are several scenarios, and in other countries, everyone also makes up several scenarios based on what the duration and scale of the virus will be. Therefore, there is a scenario when, by the way, the domestic economy will recover in 3-4 months and so on," Machavariani said. He noted that the government of Georgia is negotiating with donor organizations, as well as foreign partners, who will be able to provide loans to the country if necessary. According to the Minister, along with the economic stimulus package, the government is discussing ways to help people who have lost their jobs. The Finance Minister explained that it is, for example, about vouchers for electricity.
Another proposal mentioned by the Minister concerns the payment of salaries to employees of private companies who were sent on indefinite leave. Machavariani added that in this case, everything depends only on whether the business will make concessions.
"Unfortunately, one measure will not be enough for everyone, because we have a different situation with the self-employed. A completely different model should be applied to those who worked in large companies and who had a large salary – they have savings. Accordingly, we make our budget taking into account social issues, but at the same time we are talking about a package to stimulate the economy," he said.
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Georgian authorities are preparing an economic stimulus package
The Georgian authorities have prepared a package to stimulate the economy in the post-crisis period, taking into account several possible scenarios. This was stated by the head of the Ministry of Finance of Georgia, Ivane Machavariani, following a meeting of the interdepartmental coordination Council.
"We have prepared a whole package of measures. There are several scenarios, and in other countries, everyone also makes up several scenarios based on what the duration and scale of the virus will be. Therefore, there is a scenario when, by the way, the domestic economy will recover in 3-4 months and so on," Machavariani said. He noted that the government of Georgia is negotiating with donor organizations, as well as foreign partners, who will be able to provide loans to the country if necessary. According to the Minister, along with the economic stimulus package, the government is discussing ways to help people who have lost their jobs. The Finance Minister explained that it is, for example, about vouchers for electricity.
Another proposal mentioned by the Minister concerns the payment of salaries to employees of private companies who were sent on indefinite leave. Machavariani added that in this case, everything depends only on whether the business will make concessions.
"Unfortunately, one measure will not be enough for everyone, because we have a different situation with the self-employed. A completely different model should be applied to those who worked in large companies and who had a large salary – they have savings. Accordingly, we make our budget taking into account social issues, but at the same time we are talking about a package to stimulate the economy," he said.
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