Economy Minister: Economy will start to grow from 2021; however, this doesn't mean that every problem will be solved next year

"I can certainly say that the economy in Georgia will start to grow from 2021; however, this doesn't mean that every problem will be solved in 2021", - stated the Minister of Economy and Sustainable Development at her briefing after the government session. As Turnava stated, Georgia will need an additional couple of years to fully support the business, even in terms of attracting the investments and that it is not a matter of 3, 4, or 12 months.

"I can certainly say that the economy in Georgia will start to grow from 2021 and I hope that the global economy will start to overcome the recession; however, this doesn't mean that every problem will be solved in 2021. When we are talking about business projects, we will need an additional couple of years to fully support it, even in terms of attracting the investments and that it is not a matter of 3, 4, or 12 months. We'll have to take care of it in a middle-term period. In order to creat a predictable business environment, we will need middle-term period programs, not occasional ones. After 5 years, once we see that the global economy is sustainable and that our investors don't need the state's financial intervention, we'll naturally cut down the expenses. Before that, our team will be by everyone's side in the middle term period. A lot of fields will be benefiting from the credit guarantee mechanism. I'll name the exceptions; first of all, it is the enterprises. As for the tourism, here the so-called HoReCa (such as restaurants, cafes) sector will be able to benefit. This is very important for them. As for the hotel industry, they will benefit from new loans, not in terms of restructuring the existing ones", - stressed Turnava while also adding that the guest-houses can be included in the list too if they meet the program criteria.

For the record, the credit guarantee mechanism was created last year. The idea of the program is that the government vouches for the business once the latter contracts the bank loan. According to the government's anti-crisis plan, the program's budget has increased to 300 million Lari which will eventually create 2 billion worth of possible credits.

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