How investment projects in Georgia will be financed

The country continues to reform public investment management and has developed a methodology for managing investment projects, the minister said.

TBILISI, 11 Jun – Sputnik. The Ministry of Finance plans to finance investment projects worth more than 20 billion lari in the next four years, said the head of the department Lasha Khutsishvili during his speech in parliament on Friday within the framework of the “ministerial hour”.

According to him, as a result of public finance management reforms, Georgia has quite high results in various international ratings.

“In the context of an increase in public debt due to the pandemic, in the coming years only projects with high economic returns will be financed from credit resources, and those projects that have more social than economic effect will be financed from budget resources,” Khutsishvili said. …

The minister noted that the state investment management reform continues in the country. With the support of the EU, the World Bank and the International Monetary Fund, a methodology for managing investment projects was developed, reflecting the best world experience and practices in the selection and evaluation of projects.

The main goal of the reform is to finance projects with the greatest economic and social effect from the budget.

The coronavirus pandemic has wreaked havoc on local businesses. The Georgian economy continues to experience the dire consequences of COVID-19, which has affected absolutely all areas. The pace of economic decline accelerated during the second wave of coronavirus, leading to a 6.2% decline in GDP in 2020.

Also, last year, according to the Ministry of Finance, the volume of Georgia’s state external debt and loans taken under state guarantees increased by 31.3%, and amounted to more than $ 7.5 billion.

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